What Happened in the Market Last Month?

May 2018’s Median closed sales price saw a 14% increase from $754k to $856k.

Last month brought some long-awaited, positive news for buyers with May posting the most new listings in over a decade. Despite the uptick in inventory, most homes are selling in less than a month. Prices haven’t been impacted either, with the majority of the region continuing to experience double-digit home price increases.

The median home price on the Eastside hit an all-time high of $960, 000 in May; a 10 percent gain over the same time last year. While there were a third more homes for sale in May than a year ago, the area still had only about a month of available inventory. Three to six months is considered a balanced market. Redmond, a city with a population of 64,000, currently has only 51 single-family homes on the market.

• Buyers can be a little more picky, more listings are coming, but they still are going to have to be aggressive with their offers.
• 58% sold for over list price and 83.4% sold in less than 15 days. However these are the properties that sold.
• 82% sold in 15 days or less.
•  Sellers may want to be cautious about pushing their asking price.