Last month’s listings came in lower than we would normally see due to the month starting on a Saturday and ending with a holiday weekend. New resale listings typically go on the market on Wednesday, Thursday or Friday. In today’s instant-response market, new listings often go pending over the weekend or early the next week. It is expected that an elevated number of new resale listings for just three more months before the fall housing market. This time period will be critical for home buyers looking to secure their home of choice while interest rates are at historically low levels.
The summer real estate market is upon us with an increased number of new listings giving homebuyers more selection. Record low interest rates and job gains continue to drive the market, along with focused lifestyle changes. Rising home prices are prompting buyers to drive farther north, south, and east to find affordable homes.
Brokers added 11,922 new listings of single family homes and condos during May, slightly fewer than April’s total of 12,043. Compared to a year ago, as brokers, sellers, and buyers were adjusting to pandemic related restrictions on the real estate industry, the volume of new listings rose 20.8%. Pending sales edged above the volume of new listings, with brokers reporting 11,969 mutually accepted offers.
Large portion of the commission we receive is donated to the Seattle Children's Hospital - STRONG program.
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
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GEORGE MOORHEAD - Bentley Properties
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Direct: 425-236-6777
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