I was talking with a fellow Realtor earlier today who commented on a home that had taken a long time to sell and it was only on the market for 18 days! Since every home with a "for Sale" sign in front of it sold in a heartbeat during the first quarter of the year, 18 days now seem long. In reality, it's still an amazingly quick sale time. In May, Realtors started to see a slight change in the marketplace as not all homes sold immediately with multiple offers. Some homes sold in a week to a month.
The Seattle Eastside real estate market is still going gangbusters, despite a jump in the number of homes for sale in May. The increase in inventory from April to May is the exact opposite of the decline in the number of homes for sale that we experienced in the marketplace last October into November. Inventory increased from April to May by 19% and dropped about that much last fall. Neither change in inventory was a huge surprise. Many sellers choose not to list their homes as the holidays approach. Conversely, spring into summer often experiences an increase in inventory. Mind you, the demand is strong for housing and inventory is still very low, it's just been creeping up since the first of the year.
Expect to see the number of homes for sale continue to increase. This will, hopefully, give buyers a few more choices and a little breathing room. The total number of homes for sale is still very low, while demand remains high, so sellers should still see a lot of action.
So how was May real estate on Seattle's eastside? Median pricing stood at $619,000. Homes sold well, with 69% of the available homes sold with an average market time of 33 days.
If you'd like more information about the real estate market and the value of your home, don't hesitate to contact us.