Eastside WA Real estate market update – June 2015

May 2015 is a Seller's market! The number of for sale listings was down 15.2% from one year earlier and up 15.3% from the previous month. The number of sold listings increased 3.4% year over year and increased 4.3% month over month. The number of under contract listings was up 12.2% compared to the previous month and up 14.7% compared to the previous year. The Months of Inventory based on Closed Sales is 1.8, down 14% from the previous year.

The Average Sold Price per Square Footage was up 7.1% compared to the previous month and up 10.4% compared to last year. The Median Sold Price decreased by 0.2% from last month. The Average Sold Price also increased by 9.1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, was the same compared to the previous year. The ratio of Sold Price vs. Original List Price is 99%, an increase of 1% compared to the previous year.

It is a Seller's Market

Property Sales (Sold) May property sales were 821, up 3.4% from 794 in May of 2014 and 4.3% higher than the 787 sales last month.

Current Inventory (For Sale) Versus last year, the total number of homes available this month is lower by 258 units of 15.2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 15.3% compared to the previous month.

Property Under Contract (Pended) There was an increase of 12.2% in the pended properties in May, with 1064 properties versus 948 last month. This month's pended property sales were 14.7% higher than at this time last year.

The Average Sold Price per Square Footage is Appreciating*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The May 2015 Average Sold Price per Square Footage of $304.7 was up 7.1% from $284.4 last month and up 10.4% from $276.1 in May of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Shows Neutral Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for May 2015 was 37, up 27.6% from 29 days last month and the same as in May of last year.

The Sold/Original List Price Ratio Remains Steady**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% is down 1% % from last month and up from 1% % in May of last year.

* Based on 6 month trend – Upward/Downward/Neutral

** Based on 6 month trend – Rising/Falling/Remains Steady

The Average For Sale Price is Appreciating*

The Average For Sale Price in May was $1,133,000, up 7.6% from $1,053,000 in May of 2014 and the same as last month.

The Average Sold Price is Appreciating*

The Average Sold Price in May was $825,000, up 11.8% from $738,000 in May of 2014 and up 9.1% from $756,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in May was $650,000, up 7.8% from $603,000 in May of 2014 and down 0.2% from $651,000 last month. * Based on 6 month trend – Appreciating/Depreciating/Neutral

It is a Seller's Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory

Seller’s market: less than 3 months of inventory

Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The May 2015 Months of Inventory based on Closed Sales of 1.8 was decreased by 14% compared to last year and up 12.6% compared to last month. May 2015 is Seller's market.

Months of Inventory based on Pended Sales

The May 2015 Months of Inventory based on Pended Sales of 1.4 was decreased by 21.9% compared to last year and up 7.6% compared to last month. May 2015 is Seller's market.

It is a Seller's Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

*Buyer’s market: 16.67% and below

Seller’s market: 33.33% and above

Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales

The May 2015 Absorption Rate based on Closed Sales of 57.1 was increased by 22% compared to last year and down 9.5% compared to last month.

Absorption Rate based on Pended Sales

The May 2015 Absorption Rate based on Pended Sales of 73.9 was increased by 35.1% compared to last year and down 2.8% compared to last month.

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All information provided is deemed reliable but is not guaranteed and should be independently verified.