Puget Sound Real Estate Market Report - May 2021

We continue to experience a "sellers" market in the Puget Sound with buyer demand outweighing the number of homes for sale. Multiple offers are pushing up sales prices to ~104% over listing price. If you are considering selling your home, now is a great time to realize your homes increased equity. Below are the highlights for May:

• Median sales prices for homes in King, Pierce & Thurston counties hit a 3 year high increasing by 17% - 23% from a year ago.
• Number of homes for sale saw a slight uptick in May from April, however there is still only .5 month of inventory available. Historically low interest rates and pent up demand from buyers are driving the current sellers market.
• Median days a home is on Market is less than a week! Homes are selling fast!

For more information or to get an estimate of your homes market value, please contact me.