Wednesday Market Update – Eastside Residential Market Stats as of 9/7/22:
Active listings continue their decline this week. Pending sales showed a minor increase, which tightened the Months of Inventory. Normally, we would not expect the dynamics of the market to improve over a holiday weekend, but the rise again of interest rates likely pushed some buyers forward due to the fear of further rate increases.
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 991 vs 1061 a 7% decrease. Compared to a year ago this week, listings are up 329%.
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 $1,695,000.
Pending Sales are up from last week. 125 vs 114 a 2% increase. Compared to a year ago this week, pending sales are down 6%.
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 $1,399,950, which is up from last week where they were at $1,382,500.
Months of Inventory reached their lowest level (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 dropped this week. It was 2.15 months of inventory last week and is now 1.83 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