So How Is The Market
Everywhere I go I am asked, “so how is the market?”. Well, our new stats came out and I wanted to share some thoughts about what we are seeing. Please see some notes below along with some handy charts. The numbers represent single family homes on the Eastside through the end of May 2022. I have stats for all areas in the greater Seattle area (so feel free to reply to this email if you want a custom report).
Active inventory grew 403% or 597 houses from February 28, 2022 (148) to May 31, 2022 (745).
-A good portion of this is normal seasonality. The ten-year average active inventory increases 43% or 333 house from February 28 (780) to May 31 (1,113).
-We are still low on inventory historically, but buyers have more choices (much needed relief).
Closed sales data, lags market activity by approximately 30 days and shows:
-Median sale price peaked in April at $1,722,500 dropping 8% to $1,590,000 in May. In May 2021, the median sale price was $1,298,475, so it is still considerably higher today.
-Properties selling above listing price dropped from the all-time high of 87% in February to 66% in May.
-The median amount above sales price dropped from the all-time high of 23% in February to 11% in May
Summary:
Homes that are properly priced, presented, and negotiated are selling very well! In the last week I have listed 3 homes for sale, all 3 are already pending with excellent terms. Although interest rates are higher than earlier this year, buyers are happy to have a better selection of homes and a little more time to think. The higher rates are having an impact on bidding, but this is still a market that favors the seller. Tech company stocks have dipped and that is also having some impact on the local market and should be noted. Many buyers have been able to successfully purchase a home with some contingencies (i.e, financing, appraisal, inspection). In fact, I just scheduled an inspection for a buyer for tomorrow. As always, please consider me as a resource if you have any real estate questions or concerns.
