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.
April 2018 active inventory rose 25% from March 31 2018 and 17% from April 2017.
Historically listings taken and active listings at the end of the month grow from April through July. In addition the majority of the year’s appreciation occurs in the first six months.
What does this mean:
- Buyers can be a little more picky, more listings are coming, but they still are going to have to be aggressive with their offers
- 62% sold for over list price and 83.4% sold in less than 15 days. However these are the properties that sold.
- April 2018 active inventory rose 25% from March 31 2018 and 17% from April 2017.
- Sellers may want to be cautious about pushing their asking price.
First posted on windermere-bellevue.com.
I am excited to share the First Episode of my Vlog. In this video you’ll see what I’ve been up to last month, learn why Kirkland’s residential price went up 32.5% (the highest price change in King County) within a year and why people love this beautiful city.
In the next episodes, I will be showing you other cities in WA state. Subscribe to my Youtube channel and stay tuned for the next episode!
February Newsletter from Oleg Doukhnevitch