Hello real estate market-watchers!
This is my first blog post offering a deeper glimpse into our current market. I'll look forward to talking about our statistics from this month forward…
Our May statistics have just been released, and it's not surprising that the approaching summer market will most likely continue it's momentum. The month of May provided Seller's with a huge advantage: even though inventory increased almost 20% from April, it was still historically low on Seattle's Eastside. So much so, that if a Seller's home was priced well and presented beautifully, chances are they received multiple offers. You've probably heard all about this in the news and have been following the hype through social media. Newspaper headlines like, "Bidding wars, cash, heat up Eastside's real estate market" are still hitting the newsstands. It's been a challenge for many buyers, especially for Washington transplants who are desperate to move from temporary housing to their own home. Thankfully, with the slight increase in home inventory last month, more Seller's should be taking the leap and selling their homes this summer. Buyers should be able to give a sigh of relief to that news!
To recap the month of May, the total units for sale were 1428. These sales were a 20.6% increase over last month; an 8.1% increase compared to last year. Median prices also stayed steady at $619,000 compared to last May's median price of $565,000. The Average Days of Market for a home going from "active" to "pending" status was just 33 days.
If you are interested in hearing about specific stats for your neighborhood, or would like a complimentary analysis of your home's value, feel free to contact me.