Hot. Sizzling. Stupendous. Pick your adjective to describe the month of May (as well as months before). In Seattle and King County, like many parts of the country now, it is a sellers’ market, with limited inventory and endless numbers of buyers driving prices up.
For example – average sales price in Seattle for May 2013 was $555,000, up nearly 8% from April and 21% from May 2012.
The best news from May, for both buyers and sellers, is that inventory is slowing creeping up. However, inventory continues to hover at just over a one month supply of homes. We’d like to see closer to five to six months for a more stable market.
Check out my May Seattle report here. Let me know if you’d like me to run a report for your neighborhood or city.