Wednesday Market Update: Here are the latest Eastside Residential Market Stats as of 8/24/22:
This week is a mix of good news and bad news. The good… active listing continue to decline which would indicate the market is improving. The bad news… pending sales dropped 25% from last week. All this caused the Months of Inventory to rise above 2 months again.
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down again from last week. 1064 vs 1074 a 1% decrease. Compared to a year ago this week, listings are up 263%.
Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,658,500.
Pending Sales are down from last week. 120 vs 161 a 25% decrease. Compared to a year ago this week, pending sales are down 34%.
Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,459,000, which is up from last week where they were at $1,350,000.
Months of Inventory peaked (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory
Current Months of Inventory rose this week. It was 1.54 months of inventory last week and is now 2.05 months of inventory.
(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)
As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere