The Puget Sound housing market picked up in May with greater inventory, but demand is still very high. Most new listings are receiving multiple offers with many significantly escalating above list price.
The chart above shows activity in the city of Seattle for single family homes and condos combined. The number of homes for sale increased 14.3% over April, but the level was slightly below that of a year ago. The number of sales closing was up 4.4% over April but down 12% from a year ago.
While less homes are selling, prices are up over last year. Combined single family homes and condos in Seattle are up 4.4% over a year ago. On average homes sold at 100% of list price.
Inventory remains extremely low, at 1.4 months worth in May. That is, if no homes came on the market, the current inventory would be gone in about 6 weeks. In May last year that inventory was at 1.2 months.
However, when you look at specific neighborhoods, the numbers can be dramatically different. For example, Wallingford, a high demand neighborhood. Prices on sold homes and condos were up 8.2% from a year ago, with an average sales price of $620,000. Homes in Wallingford average a sales price of 105% of listing price. And inventory in Wallingford was at 0.7 months in May, approximately 3 weeks worth.
For further information, please give me a call or email. I’m happy to provide you with a market update for your neighborhood or city.