In this conversation, we’ll focus on the June 2022 seller market. Because of the intense competition in this market, staying on top of developments is becoming more and more crucial for sellers. To maximise the effectiveness of your listing and marketing efforts, we’ll go over everything you need to know.
Below, we’ll compare statistics between this year’s June to Last Year and Last Month. The market’s pending homes and available inventory will also be highlighted.
- 8101 Properties were sold in June.
- It is 1% less than the 8181 sales in May.
- And 20.1% decrease from the 10135 sales in June 2021.
Because of this year’s increased inventory, buyers who wait to buy may have a larger selection.
- Compared to last year, there are 6428 more properties available this month, an increase of 120.3%.
- Current inventory has increased by 47.7% over the previous month.
- The number of pending properties fell 14.4 % in June, to 6957 from 8127 the previous month.
- Pended property sales this month were 25.8 % lower than last year.
Average Sold Price per Square Footage
- Compared to last year, the Average Sold Price per Square Footage was down 2.7% compared to the previous month and up 10.4%.
Median Sold Price
- The Median Sold Price decreased by 2% from last month.
Average Sold Price
- The Average Sold Price also decreased by 2.9% from last month.
Both the Median Sold Price trend and the Average Sold Price trend are “Neutral” based on the 6-month trend.
Increase In Active listings Compared To Last Year
Buyers could choose from 8,798 active listings system-wide at the end of May, up 59 % from a year ago when there were only 5,533 properties in the database. It is the most inventory since September 2020, when there were 9,099 single-family homes and condominiums for sale across the 26 counties served by Northwest MLS.
Snohomish County saw a 136.4% increase in inventory from 500 to 1,182 listings, one of the two counties that more than doubled their active listings from a year earlier.
Some have speculated that the housing market is about to collapse due to the growing amount of homes on the market, but that is highly improbable. More likely, the increased supply will help us achieve the much-needed market balance that has been lacking for so long due to the extreme imbalances.
Despite a healthy increase in inventory, the area-wide supply is still less than one month (0.97 months). The report’s 26 counties show a supply of more than a month in 20 of them, with the Puget Sound region’s four counties having the tightest supply (0.85 months or less).
Inventory Will Keep Rising
Locally, unsold inventory is increasing as more new listings enter the market. It increases the number of desirable properties available to buyers searching for new homes.
Despite the market’s ongoing buyer backlog, each home will now get fewer offers and might not sell by the first weekend due to the increase in inventory. Different housing price-lifting seasons are also at work, meaning that premium pricing is out for most properties. According to NWMLS data, sales last month fetched 105.7 % of the asking price, decreasing from 107.7 % in April to 108.2% in March.
The Puget Sound region’s strong buyer demand for Homes for Sale in Clyde Hill WA and other place has kept luxury sales activity steady. It is due to a buyer backlog, as well as factors such as employment growth and our flourishing economy. According to MLS data, 95 properties valued at $2 million more were sold in January. In February, the figure increased to 136, 325 in March, 389 in April, and 353 in May. Homes are choosing to stay on the market for a few more days. Inventory is gradually increasing. According to MLS data, stock in Kitsap Province is up by nearly 39% yearly.
State of Micro Markets
Within each county, there are a lot of “micro-markets.” Northwest MLS, for example, tracks data for 30 map areas have demand for Homes for Sale, Education Hill and King county are two of such places.
The area between Dash Point and Federal Way had a median sales price of $565,400. In contrast, Mercer Island had a median sales price of almost $2.6 million. Area 720, which includes Shoreline and Lake Forest Park, is also noteworthy.
According to MLS data, the median price in that area increased by 52.4% year over year, with the median price exceeding $1 million for the first time.
Last month, median prices in nine of King County’s 30 map areas exceeded $1 million.
- In May, there were more closed sales than pending sales (mutually accepted offers), though both were down from the same month last year.
- Pending sales fell about 11.7% from a year ago but increased 8.2% from April. According to the report, there were 10,563 currently awaiting sales of condominium units last quarter, up from 9,760 in April but down from 11,969 a year ago.
- The increase from April to May suggests that rising mortgage interest rates were still not harming the housing market. The abundance of homes for sale provides buyers with more options, which they haven’t had in a few years.
- Closed sales were down slightly from a year ago (about 3%) but up 95% from April. Realtors finalized 9,096 revenues last month, 278 fewer than the previous year. The total for May was 752 transactions higher than the total for April.
- Buyers can expect higher prices. However, the rise may be moderate. Last month, the framework median price of $660,000 was up 12.8% from the previous year’s figure of $585,000. In terms of percentages, it was the smallest year-on-year increase since December 2020, 12.2%.
- In May, we saw a slowing of the year’s steep price increases. King County saw a price increase of $220,000 (or 28.4%) in just four months for single-family homes. Excluding condos, from $775,000 in Jan to a staggering $995,000 in April. Single-family home prices in King County remained nearly unchanged from April($995,000) to May ($998,888).
We must recognize that outside influences, which are beyond our local control, are factors influencing market changes. Among them are interest rates and gasoline prices. Local dynamics also have an impact on activity. Employment is an important indicator.
Buyers who depend heavily on conventional mortgage loans must reevaluate affordability due to rising interest rates and inflation. They may put off their purchase or look in less expensive areas. There appears to be a shift from a seller’s market to a more stable industry with a growing inventory.