Curious about what’s going on in the market right now?
Click below and download the latest real estate data. Don’t see your desired city or county? Contact us and our experts would be more than happy to answer any questions you may have.
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.