Just how low can our inventory go? According to the Northwest Multiple Listing Service (NWMLS), our the number of homes (residential and condos) available for sale in the City of Seattle was only 992 in May. Although this isn’t the lowest it has been in the last 10 years (the lowest was 836 in January, 2015), this is the lowest inventory in a May since 2005 by a longshot. The second closest May had 1,451 listings in 2013.
Here is a closer look at what is happening in Seattle and some key neighborhoods:
Inventory and Pendings
While Seattle’s inventory is waning, the demand, measured by homes under contract or pendings, is on the rise. Seattle has 1,330 homes under contract in May, which is again the highest number on record for a May. The only other month that had more pendings in the last 10 years was March, 2005 with 1,362.
Below we compare the number of active listings (supply) and pendings (demand) for several of the key Seattle neighborhoods including Central Seattle, Queen Anne and Magnolia, Belltown and Downtown, Ballard and Greenlake, and North Seattle. Our table includes single family residences as well as condos comparing May 2014 and 2015.
Median Sales Prices
Seattle hit a new median home sales price record in May at $482,500. This is a 9.67% change from May of 2014. The neighborhood report below is a bit of a mixed bag, even showing some losses, but also some big gains!
I would love to talk with you about your real estate investment goals or let you know where your home stands in relation to today’s market. Contact me at firstname.lastname@example.org or give me a call: (206) 226-5300.