Seattle Real Estate May Market
The Northwest Multiple Listing Service, in which Seattle trends closely, is seeing a noticeable shift with more homes hitting the market than we've seen in recent years. In May, total active listings surpassed 18,000 for the first time since 2018. The good news is this gives homebuyers more choices and potentially less competitive pressure. Home prices are essential even from a year ago, with a decline of less than 1% from last year. The NWMLS median sale's price in May was $654,995 compared to $660,000 last May. In addition, King County, where Seattle real estate is located, the median sales price was $865,000 versus $875,000 the previous year.
The amount of NWMLS sales dipped 3.3% compared to last year, but increased 9.9% over April. Nevertheless, the sales did not keep up with the new listings. Inventory at the end of May was 18,310 which was up 42.6% from the previous year and up 26.6% (14,459 listings) from the end of April. Still, the rule of thumb is if inventory is less than 4 months, then it is considered a seller’s market. And May qualifies as such, since with 6,467 closed sales that means there was only 2.8 months of inventory. In short, buyers should be happy since they have more options with increased inventory and prices have not skyrocketed in the last year, but sellers should also have the knowledge that the market remains strong as we head into Summer.
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Feature Picture: Fabulous Lake Washington Seattle Waterfront home, featuring swimming pool, hot tub, and dock. To see other properties you can search Seattle properties here or search here.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
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