King County & Eastside May 2022 Housing Monthly Stats
May showed yet another month of low inventory and the end result is that with less inventory on the market we continue to have an imbalance of supply and so we find ourselves a market that favors sellers. In May, the number of total active listings in King County decreased by 35.74% from 1,995 to 2,708 YoY. On the Eastside, inventory increased 116.59% YoY from May of 2021. This level of inventory decrease isn't normal for this time of year, but there is still little competition for people wanting to sell their homes.
Pending and closed sales decreased from May 2022 in King County and on the Eastside. According to our King County Home Sales Report, pending sales across King County decreased -17.65% and Eastside pending sales decreased -20.41%
King County closed sales were down -9.94% and on the Eastside closed sales decreased -14.34%. With the decrease in inventory and how pending sales are looking, more homes may be available in the Winter. The median house sales price in King County is higher by 13.55% over last year to $775,000 and the median sale price on the Eastside saw an increase of 27.27% up to $1,100,000.
The Absorption Ratio decreased to 0.83 in King County and 0.95 on the Eastside. A balanced market is 4-5 Months of Inventory. There are serious buyers in the market right now, good homes priced well will sell quickly.
For additional details, see the May raw numbers from the Northwest Multiple Listing Service.
The pace of the Market - Market Action Index
Buyers' affordability remains high, with interest rates around 2.86 %!
Median Price for Key King County Cities
- Bellevue: $1,412,673
- Redmond: $1,347,284
- Seattle: $899,475
Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this month's home sales report, you will see that King County and the Eastside are top performers!
What does this mean for home sellers?
The market has tightened up, inventory reduction favors the sellers of good homes. Homes selling with multiple offers and contingencies are being waived. If you intend to sell your home, let's talk about timing as things are hotter than normal. If you're considering a sale, please click here for a complimentary market analysis of your home.
What does this mean for homebuyers?
Competition for the best homes is coming back to the market. Don't be surprised if you have to compete for a good home. Also, with rates slowly rising don't wait until when you think the market will be better.
Home Sales in King County
Below are links to homes available for the King County communities of Bellevue, Issaquah, Kirkland, Seattle, Redmond, and Sammamish. Just click on the link to your neighborhood for the complete breakdown for today's numbers.
|Homes For Sale in Bellevue, Washington|
|Homes For Sale in Issaquah, Washington|
|Homes For Sale in Kirkland, Washington|
|Homes For Sale in Seattle, Washington|
|Homes For Sale in Redmond, Washington|
|Homes For Sale in Sammamish, Washington|
I hope you find this home sales report useful. Please share it with your friends. To find out how much your home is worth in today’s market, please click here for a complimentary market analysis of your home. And if you are interested in selling your home for top dollar, in the shortest amount of time, please contact me anytime at 425-200-4093, or click here to send me an e-mail requesting further information.
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