Interesting stats from NWMLS
The NWMLS (Northwest Multiple Listing Service -- which I belong to) just released some interesting statistics for the month of May that clearly show we are still firmly in a Seller's Market. NWMLS covers 26 of Washington’s 39 counties -- unless otherwise indicated, the stats are based on those 26 counties. The number of active listings for single family homes dropped from April to May for the first time in at least 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ago, May’s inventory plummeted by 4,824 listings (down 46.6%)!
Months of Inventory of homes and condominiums fell to just over two weeks (0.59 months). Only March 2021 and December 2020 have been lower when both months ended with only 0.53 months of supply. Months of Inventory is calculated using the total number of active listings divided by the total number of sold listings for the current month. In other words, based on the number of active listings, if sales were to continue at that pace, how long there would be zero properties available to purchase. In comparison during the last Buyer's Market, some counties showed over 15 Months of Inventory!
Year-over-year price increases measured by percentages appeared to hit a new high with the median price on last month’s 9,374 closed sales soaring 30% from a year ago. Additionally, the data shows prices on the 8,011 single family home sales (which means excluding condos) that closed last month sold for 107.3% of the asking price. In the 4-county Puget Sound region (King, Snohomish, Pierce and Kitsap), the figure was 108.6%, while in King County it was 109.5%.
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