Boring Data and Graphs! May Edition.

Surprise, surprise!  It looks like sellers have finally acknowledged that the lack of inventory has created a great opportunity for them to sell.  The number of homes for sale has skyrocketed over the past month.  We still have record low inventory, but the increase in homes for sale is helping the huge backlog of buyers get into homes.  If we keep up at this pace, I expect we will return to a more balanced market by the end of summer.

For Sale/Pending/Sold for single family under $750,000 in Seattle over the past 14 months:

More homes for sale, more homes pending and more homes sold.  The steep jump up in pending sales since December is above and beyond the normal Spring uptick.

SF sale sold

Months of Inventory for Single Family Homes under $750,000:

We remain with just one month of inventory, but with the number of sold homes at a peak that we haven’t seen in years, that might just be a better come next months data release.

SF inventory

For Sale/Pending/Sold for condos under $750,000 in Seattle over the past 14 months:

Condos are not facing the same extreme shortage of inventory that single family homes are. The number of for sale and pending condos as remained about the same over the past few months, and yet the number of homes for sale has jumped 22%.

Condo sale sold

Months of Inventory for Single Family Homes under $750,000:

As could be predicted from the jump in inventory, the months supply has moved up to 1.7 months.  While that is still considered a very low supply, it is nice increase from the 1.4 months we faced in March and April.

Condo inventory

To sum up all the boring graphs and charts, more homes are coming on the market.  There is still a lot of buyers waiting in the wings, but if the trend of increasing listings continues, we may see some relief in sight.