Market Update — June 2022
With the data from May 2022 in, let’s go over some key aspects of the market. The data is collected from Northwest Multiple Listing Service (NWMLS):
Median price: The median closed price for residential homes and condos increased by 12.8% year over year (YOY) to $660,000.
New construction: 910 new construction homes were sold in May 2022. The median sale price of new construction homes was $770,228, which is up by 15% since May 2021.
Months of inventory: At the current rate of sales, it’ll take 0.97 months for every listed home to sell. This number was 0.59 in May 2021. To put these numbers in context, note that the months of inventory for a balanced market is considered to be 4 to 6 months. This underscores the persistent shortage of supply relative to demand.
Homes sold: 9,096 homes were sold in May 2022. This translates to a dollar value of $7.44B.
New listings: 13,075 new listings were added to the NWMLS database. This is an increase of 9.7% from May 2021.
To summarize, the market continues to face an upward price trend, which is driven in large part by a shortage of supply.
