Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/09/22
In spite of the Fed’s raising short term rates last week by 0.75%, the 30 year fixed rate only moved up slightly. As of today, 30 year fixed rates are at 7.21%
The median closed sales price has held steady from August to October at $1,350,000. This is very good news, as the market seems to have reached a resistance point to going any lower. However, pending sales are still declining faster than active listings as we work through our normal 4th quarter slowdown. This has raised the Month of Inventory to highest level this year at 2.94 MOI
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 944 vs 968 a 2% decrease. Compared to a year ago this week, listings are up 490%.
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 $1,651,380.
Pending Sales have dropped from last week. 74 vs 94 a 21% decrease. Compared to a year ago this week, pending sales are down 44%.
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 $1,350,000, which is up from last week where they were at $1,400,000.
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 increased this week. It was 2.38 months of inventory last week and is now 2.94 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