May 2016 Seattle Area Monthly Housing Report

Housing inventory shortages persist despite increase in new listings

NWMLS Reports (June 6, 2016) – Just as expected, the month of May had an uptick in new listings (12,272), but just as many buyers (12,275) made offers on homes during the month to keep inventory depleted, according to the latest figures from Northwest Multiple Listing Service.

 Buyers are becoming more and more aggressive with offers and pricing, and that concerns some brokers, said Northwest MLS director George Moorhead. As the gap between pricing and value widens, some would-be buyers may overextend themselves. Also, appraisers are struggling with a lack of comparable sales versus multiple offers that escalate well beyond the listing price, said Moorhead, the designated broker at Bentley Properties. Since lenders base loans on appraised values, buyers will likely need to make up the shortfall.

 Even though brokers say paltry inventory is limiting sales, the year-over-year volume of pending sales rose more than 7.4 percent last month. Members reported 12,275 mutually accepted offers, up from the year-ago total of 11,425. MLS data going back to 2004 shows that one-month total is the highest on record.

 Prices also rose. The median price area-wide for last month’s 8,630 closed sales of single family homes and condominiums (combined) was $339,950. That’s up more than 7.2 percent from twelve months ago when purchasers paid $317,000 for the median-priced home. Ten counties reported double-digit price hikes.

 In King County, the median price jumped more than 11.7 percent, from $434,000 to $485,000. Prices on single family homes surged nearly 16.5 percent, rising from $480,942 to $560,000. Condo prices were up 9 percent, but finding one proved challenging as inventory dropped 29 percent in King County.

View the full May 2016 Report by neighborhood

Individual Reports

SEATTLE
West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
EASTSIDE
South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands

MONTHLY SNAPSHOT

Click on each report below to view an overview of the regional data:
Seattle Metro
Eastside
King County
Mercer Island

© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by NWMLS.

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