Seattle real estate market heats up with inventory surge, sales growth in May

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In May, 17 Washington counties saw an increase in median sale prices.

The Seattle real estate market is experiencing a seasonal surge, with significant increases in home sales and median prices, according to the latest market report from the Northwest Multiple Listing Service .As the summer months approach, activity in the market is expected to continue climbing.In May 2024, the median price of homes sold in the Washington counties covered by NWMLS rose by 7% compared to May 2023.

The number of year-over-year closed sales transactions saw a 6% increase, signaling that buyers and sellers are beginning to adjust to the higher interest rate environment. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months."Condominium sales in May also reflected positive trends, with a 70% increase in the number of units for sale compared to May 2023. The median sales price for condos rose by 11.

 

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