Washington State NWMLS Market Snapshot for May 2022

marketsnapshot 05-22

NWMLS members added 13,075 new listings to inventory during May, up 9.7% from a year earlier and the highest monthly number since June 2021.

At the end of May, buyers could choose from 8,798 active listings system-wide, up a whopping 59% from a year ago when there were only 5,533 properties in the database. That is the largest selection since September 2020 when there were 9,099 single family homes and condominiums offered for sale across the 26 counties served by Northwest MLS.

“The significant increase in the number of homes for sale has some speculating that the market is about to implode, but that is very unlikely,” stated Matthew Gardner, chief economist at Windermere Real Estate. “What’s more likely to occur is that the additional supply will lead us toward a more balanced market, which after years of such lopsided conditions, is much needed.”

Even with the healthy uptick in inventory, there is still less than one month of supply area-wide (0.97 months). Twenty of the 26 counties in the report are showing more than a month of supply, with the tightest inventory (0.85 months or less) in the four-county Puget Sound region.

Both pending sales (mutually accepted offers) and closed sales during May were down from a year ago, but up from the previous month.

Pending sales declined about 11.7% from twelve months ago but increased 8.2% compared with April. Members reported 10,563 pending sales of homes and condos last month, up from April’s figure of 9,760, but down from the year-ago total of 11,969.

Closed sales dipped slightly from a year ago (down about 3%) but rose 9% from April. Members completed 9,096 sales last month, which was 278 fewer than a year ago. May’s total outgained April by 752 transactions.

Buyers can expect to pay more for homes and condos, although the increases may be moderating. Last month’s system-wide median price of $660,000 was up 12.8% from the year-ago figure of $585,000. Comparing percentages, that was the smallest YOY increase since December 2020 when it was 12.2%.

Watch the 1.5 minute market report video

Source: NWMLS 6/6/2022

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