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Home / Market Report / Market Update: Prices Up a Bit, New Listings Way Up

Market Update: Prices Up a Bit, New Listings Way Up

By June 8, 2017

Market Report

With May a week behind us, time to check in and see what the residential real estate market (single-family and condos) did.

For buyers, the bad news is that prices continue to climb as a result of so few homes for sale, though the gain was not as large as last month. My prediction is that we’ve seen the big price gains for the year and for the rest of the year prices will level off, and quite possibly decrease. I think buyers will also face less competition as the aggressive buyers waiving all their contingencies, possibly paying all cash and escalating 20%+ over have bought homes leaving you to compete with more level headed buyers. In terms of the number of homes for sale, fortunately there was more homes for sale than in April, but still less than last May. I think we’re moving into the best part of the year for buyers, you still have a good number of new listings to look forward to and competition will be less fierce.

For sellers, inventory is still at an almost all-time low so it continues to be a great time to sell, though the best time to sell has come and gone unless you can scramble to get your home listed and pending before July 4th when buyers take two months off to enjoy summer (drop us a line at [email protected], if you’d like our thoughts on selling.) If that’s going to be a huge scramble you’ll have less competition from other sellers in August, but the most buyers will be looking in September.

What do other outlets have to say about May?

If you’d like us to pull the data for your neighborhood just drop us me a line at [email protected].

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

Get in touch to:

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  • Find your perfect home
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Contact:

206-203-6242