Market Update - May 2022

In the latest episode of Market Update for May 2022, Aaron Janus and Diane Davi give us an in-depth look at the current state of the Seattle real estate market. Home sale prices in King County are up 17%. In Seattle, home prices are up 13% to a record high (again) of $888,000, and in the Eastside suburbs, the average sale price has rocketed up 43% year-over-year to a whopping $1,526,500. Holy home prices, Batman!

What about the available housing supply for buyers to purchase? The strong demand from Seattle area homebuyers continues into May, with the number of buyers in the market looking to purchase Seattle area homes, townhomes, and condos continuing to outpace the supply of homes for sale coming on the market. This trend continues in the face of a healthy spike in the 30-year fixed-rate mortgage rate to 5.2% - the first time that rates have been over 5% in eleven years. This competitive seller's market is present throughout King County, where we ended April 2022 with just 0.69 months (three-ish weeks) of available inventory for buyers to purchase.

Learn even more insights about the Seattle real estate market by watching the full five-minute video, including discussions about the MLS Homes For Sale metric.

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