Looking at the data for May, we are finally seeing a shift in the market place no doubt! While prices of homes are still increasing year over year, we’re seeing many homes have less offers and even some go beyond the posted offer review date. Many homes that listed for too high a price have been forced to reduce price, which has caused a lot of discussion on the future of the market. Are seeing a more balanced market? YES! The data and images you see on this blog are for all the NWMLS.
Snohomish County had a Median Sales Price of $675,876, a huge 22.9% increase, for all property types over May 2021. King County’s Median Sales Price was $780,000, an increase of 11.6%, for all property types over May 2021. Last month I reported that we are transitioning from the heated Spring Market and heading toward Summer Market, and that holds very true.
Closed Sales Data
Snohomish County Median Days on Market decreased from 6 days to 5 days, while King County Median Days on Market stayed the same at 6 days over May 2021. So, even though we have more inventory and have seen a shift in the market, we’re still seeing the median days on market be less than a week. Basically, sellers who list their homes based on the current market conditions are still getting offers (many over list still) in a short amount of time.
Inventory Data
Snohomish County inventory is at less than 1 month of supply, down just over 22% in May 2021 from 0.9 months of supply to 0.7 while King County is down from 1.4 months supply in May 2021 to 0.8 months of supply, down nearly 43%. This is down slightly over last month’s data. Inventory accross the entire MLS system is up a huge 63.9%, which is a new trend to watch! As mentioned in the opening paragraph, we’re seeing more inventory which gives buyes more choices! Finally!
Bottom Line
As we’re knocking on the door of summer (officially June 21st), we are still in a seller’s market but buyers are beginning to have more choices, Even with hikes in interest rates, I still see some homes multiple receiving offers while other homes do not. As mentioned above, many homes are simply overpriced, basing their home values on the sales data from the spring when interest rates were at their lowest.
This is still a good time for buyers to shop and get your offer accepted. It is still a great time for sellers even if the multitude of offers is less. Homes are still very much selling for more, but the pricing strategy is now more important than ever. If you’re interested in selling your home, this is still a great time to get it sold, however a smart marketing plan is needed to get you the best price. I’d love to share my marketing plan with you! If you’re interested in buying and taking advantage of interest rates (which by historical standards are still low), I have successfully won on multiple offer situations with my buyer clients! Let's talk about strategy!
