Wednesday Update : Seattle’s Eastside Residential Market Update for the week of 10/26/22
RATES: Thankfully, there was some relief in interests rates this week. The 30 year fixed rates declined slightly from 7.22% to 7.15%, which is still 3.88% higher than it was a year ago.
THE MARKET: It is normal for active listings and pending sales to decline in the 4th quarter. However, active listings have hovered around 1000 homes since the beginning of September with many sellers still hanging on to the hopes of getting “their price”. With active listings remaining higher than normal and pending sales declining as seasonally expected, Months of Inventory (Supply vs. Demand) continues to rise for the 5th week in a row. It is now 2.84 Months of Inventory, which is another high mark for this year.
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings decreased slightly from last week. 997 vs 999 a 0% decrease. Compared to a year ago this week, listings are up 501%.
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 $1,651,481.
Pending Sales are down from last week. 81 vs 84 a 4% decrease. Compared to a year ago this week, pending sales are down 49%.
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 $1,375,000, which is up from last week where they were at $1,237,000.
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.
Current Months of Inventory rose this week. It was 2.74 months of inventory last week and is now 2.84 months of inventory, the 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