Eastside Housing Update - Resale Only
Pre-Summer Housing Market
As the Spring market continues through May and June, we will begin to see a peak number of new resale listings hitting the market. Currently, we are at an uber/extreme frenzy Sales Activity IntensityTM level up to $3M, where 92% of homes go under contract. Additionally, we are seeing a surge level of intensity up to $5M with strong sales activity above $5M.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
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KEY MARKET INDICATORS may 2024 (april Recap)
Months Supply of Inventory
Months supply of inventory helps define the market as either a seller’s market, healthy market, or buyer’s market. Zero to two months of inventory is defined as a seller’s market; low inventory can cause upward pricing and multiple-offer situations. Four months of inventory and up is defined as a buyer’s market; more availability and selection cause seller price sensitivity.
Source: NWMLS. Data is for Resale only.© 2024 John L. Scott Real Estate
