May statistics are coming in and so far the Seattle are real estate market is showing a severe scarcity of supply of housing. We were at low levels before Covid hit and now buyer demand is at levels similar to this time last year however supply of new listings is significantly lower. What that means is it's going to be even more of a competitive market for buyers, a great one for sellers and prices will continue to rise over the coming months.
The NWMLS posted May statistics and they show a solid rebound in sales figures from April to May. Pending sales jumped from 5066 to 7297, which is down from May 2019 (8597) but given the circumstances around Covid and employment a nice and better than expected improvement. As things continue to open up and improve June should provide an even more significant litmus test to where we are at with the market.
Keep an eye on supply as we have 5766 fewer listings on the market this month than we did a year ago. If you couple that with pent up buyer demand and historically low interest rates that means the next couple months could be highly competitive for buyers and fantastic for sellers. The great news is that will also help keep values stabilized and rising as we continue to see demand much greater than supply throughout the Seattle area.
The Seattle Area Real Estate Team is ready to provide you with the expertise and guidance you need to be successful in this market with the challenges and opportunities it presents.