Wednesday Market Update – Eastside Residential Market Stats as of 9/28/22:
Active listings remain steady this week, for the third week in a row. Pending sales took a 20% drop this week as the impacts of interest rate increases have taken their toll. This brought the Month of Inventory Index back over 2 month again.
Thankfully, the 10 year treasury declined today (what a 30 year mortgage is priced upon) giving some reprieve. The 30 year rate almost hit 7% this week, but are now at 6.65% today. A welcome sign for Home Buyers!
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings remain steady from last week. 1007 vs 1005 a 0% increase. Compared to a year ago this week, listings are up 286%.
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 $1,699,900.
Pending Sales are down from last week. 103 vs 129 a 20% decrease. Compared to a year ago this week, pending sales are down 44%.
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 $1,495,500, which is up from last week where they were at $1,399,000.
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 rose this week. It was 1.80 months of inventory last week and is now 2.26 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