May marked a month of new records for
some Northwest MLS market indicators

The number of active listings for single family homes dropped from April to May for the first time in at least 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ago, May’s inventory plummeted by 4,824 listings (down 46.6%).

Months of inventory of homes and condominiums fell to just over two weeks (0.59 months) system-wide, which encompasses 26 of Washington’s 39 counties.

Year-over-year price increases measured by percentages appeared to hit a new high with the median price on last month’s 9,374 closed sales soaring 30% from a year ago.

Northwest MLS data shows prices on the 8,011 single family home sales (excluding condos) that closed last month sold for 107.3% of the asking price. In the 4-county Puget Sound region (King, Snohomish, Pierce and Kitsap), the figure was 108.6%, while in King County it was 109.5%.

High demand kept supply depleted. At month end, there were 5,533 active listings in the NWMLS database, nearly half the inventory of a year ago when buyers could choose from 10,357 listings.

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Source: NWMLS 6/7/21