As we enter the summer months, hopefully the weather stays warm as it looks like the signs are there for the market to begin cooling in outlying areas.
Agents added 13,497 new listings to inventory in May, outpacing April’s number by 2,849 listings (a gain of nearly 27 percent); compared to the same time last year…newly added volume is up roughly 10 percent. Total active inventory of 12,481 is down from last year yet about 6.8 percent better than April.
Pending sales reported by Brokers of the Northwest Multiple Listing Service (NWMLS) came in at 9,188 units in the four County Puget Sound regions; and system-wide, brokers reported 12,607 (up 2.7 percent from a year ago).
System-wide, there is about 1.37 months of supply; median price is up 11.2 percent from this same time last year…rising from $339,950 to $378,044; and there were 9,112 closed sales last month.
The summer could be the buyer’s first opportunity to slide in and grab the home of their dreams as many other buyers choose recreational pursuits and vacations over house hunting. In any event, The Expert Real Estate will be here working smart to help our clients in whatever capacity they need…so feel free to reach out and engage us!