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Months supply of inventory has been at historic lows for the past four months at .6 or .5.
188 Eastside residential houses for sale at the end of December is the fewest for any month for at least the last 30 years and likely ever.
Closed median prices are up a staggering 17% from a year ago. However, buyers generally buy payment not purchase price and payments are up $127 a month from a year ago.
Seasonality of the Market based on 10-year averages:
1. Active inventory is highest from May through September.
2. New listings taken peak April through July.
3. Pending sales are highest from March to August.
4. Months Supply of inventory is lowest from February to May.
5. Closed median sales price rises for the 1st six months and flattens the last six months.
a. 2020 was an exception to this trend because of Covid.
Looking Forward: With inventory so low, expect more of the same in terms of multiple offers and the amount over list price.