The number of available homes for sale are up 5.6% over last month in the Seattle-Metro market—which is great news for home buyers! Inventory is still down a whopping 33% from May of last year, but at this point, we’ll take anything we can get. With pending sales up 16.6% over last year (990 home sales in May) buyers are definitely still feeling the squeeze. The month’s supply of inventory for May was 0.7—up from the record low 0.6 of April but still well above the 1.2 month’s supply last year. Multiple offers with pre-inspections, waivers and promises of the unimaginable still dominate the Seattle real estate scene. The Seattle-Metro median sale price was $546,000—13% higher than the $484,000 median of May 2014.
On the Eastside, inventory is up 16.2% over April, providing buyers with significantly more choices as spring unfolds. On the whole, the Eastside is pricier than the Seattle-Metro market, but comprised of many different micro-markets ranging from ultra luxury waterfront communities to rural farmland. The median sale price was up 10%–$670,000 compared to $613,000 last year. 1014 pending sales in the month of April represented an increase in activity of 12.9% over May 2014. The months of inventory stood at 1.2—down from 1.6 last year and twice that of the Seattle market. Frustrated Seattle buyers just might find bliss in the more casual, relatively speaking, Eastside real estate market.
Mercer Island, with only 52 homes on the market has benefited from a 16.2% increase over last month in the number of homes coming to market, although still down 37.6% from last year, it remains a very strong buyer’s market in price points below $2 million. There were 43 pending sales on Mercer Island in May. Only 5 homes were priced below $1 million at the end of May and 30 of the 52 homes for sale were listed at above $2 million. This dynamic has made it incredibly difficult for buyers to enter the Mercer Island market.
Inventory is up 10.2% in King County overall (still down 20.8% compared to May 2014). Pending sales were up 15.5% to 3131 homes sold. With pending sales still stronger than the increases in homes coming to market, the month’s supply of inventory has continued to fall county-wide—now at 1.1 months compared to 1.5 months this time last year.
Click on the reports below for details.