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May 2022

The market shifted in April 2022. Below are some statistics to support brokers’ anecdotal stories:

Active inventory grew 403% or 597 houses from February 28, 2022 (148) to May 31, 2022 (745). 

Closed sales data lags market activity by approximately 30 days and shows:
Median sale price peaked in April at $1,722,500 dropping 8% to $1,599,000 in May.
Properties selling above listing price dropped from the all-time high of 87% in February to 66% in May.
The median amount above sales price dropped from the all-time high of 23% in February to 11% in May.

LOOKING FORWARD: The market shift looks similar to the 2018 market shift caused by rapid appreciation and rising interest rates. Using 2018 correction as a guide to the current market, the Eastside had a higher appreciation and may have a larger correction than the rest of King County and Snohomish County.