Area Market UpdatesMarket UpdatesMy Thoughts June 13, 2022

Local Market Sales Volumes Slowed in May 2022

Just a few months back, nearly every Seattle or Eastside home sold on a Review Date.  The sales price was usually over full price and with minimal to no sales contingencies. With the significant interest rate increase this year, we are seeing a slowing of sales activity.

Although Seattle median prices increased from $919,000 to $1,025,500 from May 2021 to May 2022; the volume of sales decreased nearly 20%.

For the Eastside, the median sales price was up 22.5%; with sales volume dropping 9.5%

North King County prices increased from $849,500 to $1,003,500; with volumes dropping just 3.6%.

Listing activity increased in May, with 73% more homes on the market the end of the month, than last year.  This is for all of King County and varies by area.  Contact Betsy for a detailed analysis of values and activities in your area.