SFH Market Report: Prices Up But New Listings Way Up
In their reporting on what the real estate market did in May the Seattle Times focused their reporting on the year-over-year difference in, Seattle housing market stays cool, while Tacoma and suburbs keep up the heat. But we think that is mis-leading because the median price in Seattle proper increased $27,500 from April to May putting the median price at $772,500, so definitely heating up, but not as hot as last May when the median price was $801,770.
The remarkable thing was new listings in May sky rocketed to 1,414, more new listings than any other year since we’ve started tracking (there were 1,400 new listings in May 2007).
But we did a good job selling a lot of those new listings and so inventory didn’t sky rocket as much as you’d expect. And while there is a healthy amount of new inventory, for the most part, the inventory isn’t necessarily good. We have lots of buyers on the side lines still waiting for the right home to come along.