Wednesday Market Update – Eastside Residential Market Stats as of 10/05/22:
Active listings remain steady this week, for the fourth week in a row. We would normally expect them to decline at this time of year, but many sellers still remain hopeful for a sale this year. Pending sales dropped 8% this week, pushing the Months of Inventory to the second highest level this year at 2.44 months. Rates are holding steady from last week with the average 30 year fixed rate the same at 6.55%. Rates where 3.09% one year ago today.
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1004 vs 1007 a 0% increase. Compared to a year ago this week, listings are up 378%.
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 $1,699,000.
Pending Sales are down from last week. 95 vs 103 a 8% decrease. Compared to a year ago this week, pending sales are down 42%.
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 $1,425,000, which is down from last week where they were at $1,495,500.
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 rose this week. It was 2.26 months of inventory last week and is now 2.44 months of inventory, the second highest level this year.
(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