Brokers and home buyers welcome growing inventory and market returning to some sense of normalcy. More houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more price adjustments. It's nice to see a more balanced market for buyers. Increase in new listings, more price reductions, and still favorable mortgage rates as factors that are creating opportunities for buyers. The return of financing and inspection contingencies are now the norm.
JUNE 2022 is a Seller's market!
- The number of for sale listings was up 30% from one year earlier and up 56.7% from the previous month.
- The number of sold listings decreased 8.2% year over year and increased 3% month over month.
- The number of under contract listings was up 1.7% compared to previous month and down 2.3% compared to previous year.
- The Months of Inventory based on Closed Sales is 0.8, up 56.3% from the previous year.
- The Average Sold Price per Square Footage was up 2.4% compared to previous month and up 17.6% compared to last year.
- The Median Sold Price increased by 4.7% from last month.
- The Average Sold Price also increased by 4.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".
- The Average Days on Market showed a downward trend, a decrease of 14.3% compared to previous year.
- The ratio of Sold Price vs. Original List Price is 108%, an increase of 0.9% compared to previous year.
EVENTS AND HIGHLIGHTS OF JULY
Large portion of the commission we receive is donated to the Seattle Children's Hospital - STRONG program.
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
PREVIOUS NEWSLETTERS:
© 2021. All rights reserved
GEORGE MOORHEAD - Bentley Properties
[email protected]
Direct: 425-236-6777
14205 SE 36th St., Suite 100, Bellevue WA 98006
www.GeorgeMoorhead.com