Скачать или смотреть What's going on in real estate? King County Market Update May 2022

This is your King County Real Estate Market Update for May 2022.

The market feels different than it did at the beginning of the year. Interest rates are up more than 2% from January 2022 which has had an impact on our market.

This increase in interest rates has cost our buyers about 20-25% of their purchasing power which means they don't all have the same amount of money they were playing with at the beginning of the year.

This has caused a slight slow down in how quickly homes are flying off the market. Our stats haven't quite caught up to what we're seeing in the market day by day. Most of our homes are still selling within the first weekend, but some are taking longer to sell. Its primary homes listed above $1,200,000 that are seeing the biggest impact.

We are also thankfully seeing more homes hit the market which has been a huge relief to the homebuyers that have been struggling to get an offer accepted with the serious competition we've had. This is caused in part by the ease of buyer demand from higher interest rates, but also very normal to this time of year. Summer almost always has the greatest number of homes for sale.

We still only have about 1 month of inventory, which is a quarter of what we would need to be in a neutral market (meaning not a seller's market, and not a buyer's market.)

So while the market is changing due to a quick increase in interest rates we are still seeing appreciation and have nowhere near enough inventory for the buyer demand that's still going strong.

Let me know what you think!

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