Here are the Current stats via “What’s Happening in the Market” for the month of May 2018 for Eastside (based on Residential and Condominium report):
- Is the market shifting? It is too early to call and the real estate statistics show demand still far exceeding supply, however still low, there has been a significant increase in inventory.
- Number of properties for sale is increasing:
o 1,230 active properties for sale is the highest number in the past 20 months or since August 2016.
o Active inventory is up 350 properties or 40% compared to a year ago (May 2018 = 1,230 vs May 2017 = 880)
- Statistics indicating more demand than supply:
o Less than one month’s supply of inventory.
0.9 May 2018 vs 0.6 May 2017 vs 0.8 May 2016 vs 1.1 May 2015
o Sales prices on closed May sales are up 14% to $859,950 vs $753,750 May 2017.
o 58% of houses sold over list price compared to 62% in April 2018 and 61% in May 2017
The increased inventory means Sellers and listing brokers will need to consider active competition. Condition, marketing and pricing will be more important with rising inventory.