Market Update June 8, 2022

MAY’S LOCAL HOUSING DATA IS AVAILABLE!
In this week’s email, I’ll be analyzing our May numbers to shed some light on the developing trends.

HISTORIC VS CURRENT DATA

• Sales Price for resale homes is up to it’s all-time-high of $825,000
• Resale homes in Gig Harbor have seen their prices appreciate 17.9%
• Historically, 150 homes are listed for sale in May. Only 66 homes were listed this May.
• It usually takes between 10-15 days to sell a house in May. We’re still seeing houses fly off the market in 5 days, unchanged since March 2021.
• The median house gets 4.4% over asking. Historically, May, June and July see offers for asking while all other months see below 1-3% under.

DEVELOPING TRENDS

• Showings per listing have decreased, with an average of 11.1 showings. This is down from April (13.2 showings) and down from last year’s May (14.4 showings). Percent over asking has dropped by 0.5% since April to 4.4%.
• Historically, April sees offers 1% under asking, whereas May sees full price offers.
• We almost have a whole month’s of inventory (0.8). We’ll most likely break over 1 month worth of inventory here in June, which we haven’t seen since 2020.

HEADLINES WORTH NOTING
Mortgage demand falls to the lowest level in 22 years amid rising rates and slowing home sales. This despite rates falling over the last few weeks. Applications for a mortgage to purchase a home fell 7% for the week and were 21% lower than the same week one year ago.

Thank you for reading! If there’s anything I can do for you, or anyone you know, don’t hesitate to reach out!