New Listings Outpace Sales as Inventory Climbs Across the Puget Sound Region


Published by Katrina Eileen Real Estate | June 5, 2025

The latest housing report from the Northwest MLS confirms what many buyers and sellers in King, Pierce, and Snohomish Counties are already feeling: the local market is shifting. For the first time in years, housing inventory is building faster than homes are selling—offering new opportunities for buyers and signaling a notable change in the pace of the market.

More Homes on the Market, But Buyer Activity Still Catching Up

Across the NWMLS’s coverage area, active listings surged to 18,310 homes in May 2025, a 42.6% increase year-over-year and the highest inventory level since September 2018. Closer to home:

  • King County saw a 57.7% jump in active listings

  • Snohomish County increased by 64.1%

  • Pierce County was among the 24 counties showing double-digit gains

This growing inventory means buyers now have more options than they've had in years. However, high mortgage rates—hovering near 7%—and continued pressure from construction costs are contributing to a measured pace in buyer activity.

Prices Holding Steady, Competitive Pressure Easing

While buyer demand hasn’t surged to match new listings, prices are showing signs of stabilizing. The median home price across the NWMLS dipped 0.8% year-over-year to $654,995, while prices in King, Snohomish, and Pierce Counties remain among the highest in the region:

  • King County: $865,000

  • Snohomish County: $785,000

  • Pierce County: $549,000 (noted from local data)

These numbers suggest sellers are still getting strong values—especially in prime locations—but buyers may finally have a little more breathing room when it comes to competition.

More Showings, More Interest—But Sales Still Trail Listings

Consumer engagement is on the rise. In May:

  • Keyboxes were accessed nearly 180,000 times, a 16.7% increase from April

  • Showings were up nearly 14% month-over-month

These are encouraging signs that buyer interest is returning. But closed sales only increased 9.9% from April, while listings surged by nearly 27%. As Steven Bourassa from the Washington Center for Real Estate Research noted, "Listings increased by nearly six and a half times the growth in the number of sales."

Down Payment Help Is Expanding

For buyers concerned about affordability, 70% of active listings in May were eligible for down payment assistance programs, giving many more households a chance to enter the market with support.

Ready to Make a Move?

Whether you’re buying, selling, or just exploring your options, Katrina Eileen Real Estate is here to help you navigate the evolving market in King, Pierce, and Snohomish Counties with clarity, confidence, and care.

📞 Call or text us at 425-931-3275
📧 Email our team at Concierge@KatrinaEileen.com

Let’s start the conversation and make your next move the right one.

Fawn Morgan