The May statistics were just released a couple of days ago from the NWMLS, and there weren’t too many surprises here. Seattle Bubble gives an in-depth analysis on King County stats, along with the following King County SFH market summary:
Active Listings: up 42% YOY
Pending Sales: down 39% YOY (new record)
Median Closed Price*: $440,000 – down 6.2% YOY (new record)
On the Eastside, active listings of SFHs are up 54% from last year, with pending sales down 40%. Median price also closed down by 6%. The strongest Eastside SFH area reporting in during May was area 550 (Redmond/Carnation), where number of closed sales and median price were neck in neck with the same time, last year. Also consistently a strong performer, area 520 (Bellevue, west of 405 ) reported a 19% increase in median sales price, though the % change in number of closed sales was significantly down as well. The largest decline in median price of SFH occured in area 500 (Issaquah/South Bellevue), where median price slipped by over 23%, and the number of closed sales was down by half.
Eastside condos weren’t exempt from the downfall either, with the May median price 10% below last May’s median price. The total number of condo sales closing during May were down 37%, and inventory remains nearly twice as high (+93%) over last year. However, only three Eastside regions submitted price declines compared to last year, including area 20 (Bellevue, west of 405), area 540 (Sammamish), and area 550 (Redmond/Carnation).
No suprise, we’re gonna have to hang on longer for any sign of a recovery.