April Market Update: Normal is back

For the past few years, the housing market has felt anything but normal. We went from ultra-low mortgage rates, intense competition, and homes selling in a weekend to a market shaped by much higher rates and a lot more hesitation from both buyers and sellers. It was not a gradual adjustment. It felt more like the market snapped from one extreme to the other.

What we are seeing now is something much healthier: a market that feels functional again.

Mortgage rates in the low to mid sixes are still not what people got used to a few years ago, but buyers are adjusting. Sellers are adjusting too. Instead of chasing 2022 pricing, many are beginning to price according to what today’s buyers are actually willing to pay.

That is a big reason this spring market feels more stable. Homes that are priced well and prepared properly tend to move quicker. Homes that come out too high are often sitting. That is not a bad sign. It is simply the market doing what markets are supposed to do: finding the right price.

Inventory is still relatively tight by long-term standards, but it has improved enough that buyers have a little more breathing room. They are not always forced into rushed decisions the way they were during the peak frenzy. In many cases, they now have time to perform inspections, negotiate terms, and think more strategically. That shift matters. It creates better opportunities for people who are prepared and working with a clear plan.

In King County single-family homes, March brought one of the strongest jumps in activity we have seen in a while. Inventory rose nearly 16% from February, and new listings were up about 31%, which gave buyers more options as we moved into the spring season. Even with that added supply, demand stayed strong. Pending sales jumped almost 47%, and closed sales were up about 35%. Prices also moved higher, with the average sold price increasing roughly 6% and the median sold price up nearly 7%. The takeaway here is pretty straightforward: the spring market is opening up, but sellers who prepare well and price realistically are still in a strong position.

The King County condo market also improved in March, although at a slower pace. Inventory increased about 14%, and new listings were up roughly 18% from February. Closed sales rose more than 30%, and pending sales climbed nearly 14%, which tells us buyers are active, even if they are still being selective. Prices were fairly stable overall. The average sold price slipped about 3%, while the median price was basically flat month over month. Overall, this feels like a more balanced condo market heading into spring. There is movement, but buyers are still paying attention to value, condition, and location.

Up in Snohomish County single-family homes, March also looked strong. Inventory climbed about 17%, and new listings jumped nearly 35%, which is a meaningful increase in available homes. At the same time, buyer activity rose right along with it. Pending sales were up almost 39%, and closed sales increased about 32%. Prices moved higher here as well, with the average sold price gaining roughly 6% and the median sold price up about 3%. That tells me Snohomish County continues to offer a healthy spring market where buyers finally have more to choose from, but demand is still very much supporting sellers.

The Snohomish County condo market gained momentum too. Inventory rose about 14%, and new listings were up roughly 21%. Buyer activity improved even more, with pending sales increasing about 20% and closed sales up nearly 27%. The average sold price edged up around 2.5%, while the median sold price was down about 6%, which likely says more about the mix of units that sold than any major pricing shift. Homes sold a little faster as well, with days on market improving by about 7%. Overall, this part of the market looks healthier and more active than it did a month ago, with a better balance between supply and demand.

So what does all of this mean for homeowners?

First, this is not the same market we had during the frenzy years, and that is probably a good thing. Buyers are more thoughtful, sellers need to be more strategic, and pricing matters more than it did when almost anything would draw multiple offers. Second, activity is improving across the board. More listings are coming on, buyers are stepping back in, and well-positioned homes are still getting strong attention. That is a much more normal environment than what we have been living through.

For homeowners thinking about making a move this year, the message is not to wait for some perfect market headline. It is to understand the market we actually have right now. In many cases, this kind of environment is easier to work with than an overheated one. Buyers have more room to make good decisions, and sellers who take the time to prepare and price correctly can still do very well.

That is really the headline this month: normal is back. Maybe not the old version of normal, but a more balanced, functional market that gives people room to make smart decisions instead of rushed ones.

If you are curious how these trends are showing up in your neighborhood, reply and I’m happy to send you a quick breakdown.