Eastside single-family May market report: median sales price drops by $200k

The numbers for how the Eastside single-family and townhome market did in May are in.

If you’ve been on the sidelines waiting for a market shift or getting priced out, it might be time to jump in as median sales price in May dropped off the all time highs by more than $200,000. $1,650,000 is still up 18% year-over-year but that’s good news for buyers!

More good news for buyers, inventory has continued to climb. 931 new homes hit the market in May, up 32% from the year before. That’s also the biggest month for listings since May of 2019. Sellers are continuing to try and catch the tail of the spring frenzy.

Median price per square foot also dropped for the second month in a row to $697.

Buyer demand as measured by pending homes sales stayed fairly flat with just 575 homes going under contract in May. Many buyers have been deterred by interest rates and price growth – we’ll see if that changes as inventory continues to grow.

Sellers, with more inventory and the same number of or fewer buyers, don’t plan on 10-20 offers on your house any more unfortunately. Competition dropped for the second month in a row measured by how much over list price homes are selling. 6% over list price is fairly tame compared to earlier this year.

We ended the month with 624 homes for sale, the highest level since August of 2020.

Months of supply is a measure of how long it’d take to sell all the houses and townhomes for sale. It feels like a big jump to see that it would take more than a month to sell out of all the available homes but keep in mind that a balanced market is typically 3 months of inventory…