Wednesday Market Update – Eastside Residential Market Stats as of 9/14/22:
RECAP:
Active listings rose slightly this week. Pending sales continue to increase, which continues to tightened the Months of Inventory leading to the market strengthening.
Other notable items: The Median Price for Active Listings has not been above $1700k since the week of 6/22/22 at the same time the Median Price for the Pending Listings have reached their lowest level so far this year. I believe their are two factors at play here:
1. Some Seller’s still have their pricing disconnected from the market realities.
2. Due to a strong increase in interest rates, Buyer’s loan qualification amounts are being lowered, so they are moving on the less expensive houses.
With the less expensive houses being the priority, this could drive up the Active Listing Median Price (the expensive homes are what is left unsold) and lower the Pending Median Price (as the lower priced homes make up a greater share of sales) all at the same time.
It will be interesting to see how this plays out in the weeks to come.
THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are up from last week. 1006 vs 991 a 2% increase. Compared to a year ago this week, listings are up 273%.
Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,735,000.
Pending Sales are up from last week. 136 vs 125 a 6% increase. Compared to a year ago this week, pending sales are down 18%.
Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,250,000 (the lowest they have been since the start of the year), which is down from last week where they were at $1,399,950.
Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory and reached there highest level (favoring a buyer) in the week of 7/27/22 at 2.47 months of inventory
Current Months of Inventory dropped again this week. It was 1.83 months of inventory last week and is now 1.71 months of inventory.
(Months of Inventory Guide: 2 months or less = Seller Favored, 2-4 months = Balanced Market, 4+ months = Buyer Favored)
As always… If we can help with any questions as you contemplate your real estate moves, let us know! Tony Meier & Team – Windermere
