🏠 Seattle Housing Inventory Hits a 10-Year High
April Market Update: Choice is Up, but the Market is Resilient
The April data is officially in, and it confirms what we’ve been feeling on the ground: buyers finally have options. What’s fascinating is the divergence between the headlines and the on-the-ground reality. Despite a massive surge in inventory, the highest we’ve seen in a decade, median sales prices aren't "softening" as much as you might expect. In fact, more buyers closed this April than in recent years, which is a surprising twist given that many homes aren’t getting many showings. Except for this home on Phinney listed at $1.1M, it had 16 offers and is pending above $1.3M!
We’ve seen this firsthand with two of our newest clients relocating to the area:
- The DC Connection: After an initial neighborhood scouting trip, this couple returned last week with a laser focus on just one home they had video-toured. Seeing it in person confirmed it was the one. Despite having a pending sale contingency on their DC home, we were able to negotiate a deal under the asking price. In a market with more inventory, these types of "win-win" terms are becoming possible again.
- The High-Rise Pivot: Another client, returning to Seattle after some time away, spent a day touring penthouses at First Light and Avenue. But as it turns out, the city skyline couldn't beat the lure of new construction in Issaquah on a greenbelt. He fell in love with a home at Tibbett’s Crossing.
Seattle: The number of homes for sale hits a 10-Year High
Sellers in Seattle have been busy with the number of homes for sale hitting a 10-year high. Buyer demand is up from the previous April but isn’t high enough for most sellers.
- New Listings: Up 30% YoY and 24% from March.
- Total Inventory: Surged 47% YoY, the highest April volume in 10 years.
- Median Price: $965,000. While down $35k from last year, prices rose $15k from March.
- Sales Volume: 601 homes closed, a 3% increase over last year.
- Months of Supply: Now at 2.8 months. Supply is steadily outpacing demand, reaching a decade-high level for April.
The Eastside: A Buyer’s Advantage Grows
The Eastside is experiencing an even more dramatic shift in supply, with inventory nearly doubling compared to last year, providing buyers with unprecedented leverage.
- New Listings: Increased 22% compared to last year.
- Total Inventory: A massive 72% jump over April 2025.
- Median Price: $1,700,000. This reflects a 10% YoY dip, though prices recovered by $60k since March.
- Sales Volume: 314 homes closed, down 10% year-over-year.
- Months of Supply: Currently at 3.9 months. With supply significantly outpacing demand, this represents the highest level seen in the last 10 years.
🏠 Listings that caught our eye last week
- Most expensive pending: $11.5M in Clyde Hill
- Highest % over asking sale: 23% over in Columbia City
- Most expensive sale: Bruce McCaw estate for $38M
- Least expensive sale: $225K in Queen Anne
- Most popular Seattle listing on Redfin: West Seattle home for $800K
📰 Must-read real estate news
- Bruce McCaw sells Hunts Point estate in one of the region's largest home sales ever (PSBJ) - Seems like they got a deal! (I’m not kidding.)
- “This is the first time the region has experienced an annual decrease of jobs since 2009” (Seattle Times)
- Four Seattle DADUs reflect variety of ways Seattleites like to live (Seattle Times)
- Toll Brothers acquires 3-acre lot from Glendale Country Club (PSBJ)
- How the War in Iran Is Hurting the U.S. Housing Market (NYT)
Seattle’s Busiest New Listing Week
Seattle: 412 new listings last week, up 10.4% w-o-w
Eastside: 322 new listings last week, flat
Buyer demand remains lukewarm
Seattle: 217 pending last week, up 4.3% w-o-w
Eastside: 146 pending last week, up 8.2% w-o-w
🔥 The hottest new listings
$6.9M on Queen Anne (already pending!)
$1.8M Lake Sammamish contemporary
$1.7M North Seattle midcentury modern
$1.5M North Seattle midcentury modern
Check out last week’s market update, West Seattle home goes 36% over!
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