Inventory is up and demand has dropped. We are experiencing a decrease in multiple offers and the number of buyers participating in multiple offers.
At month end, Northwest MLS reported 15,234 active listings and 1.5 months of supply. Although still a quick response market, with more new listings coming on the market during the summer months, we experienced dispersed buyer energy due to the greater availability and selection.
While home prices are still trending above average rates, the pace is moderately slowing as the housing market becomes less competitive. We have a ways to go before we approach anything close to a balanced market, but we’re certainly trending in the right direction.
Now through October will be the best time of year for homebuyers in Whatcom County!