May Stats + A Little Sunshine

It's stat time again! (See what I did there? 😂) If you haven't noticed, the media constantly uses headlines full of doom and gloom. Things like: "Home prices drop 8%!" seem to be the attention grabbing headlines they prefer. But guess what? Don't believe everything you read... 🧐

The media generally bases real estate headlines around year-over-year data. 📅 In the past, I have always relied on that data too. We have to remember though, that last spring's market was off the charts - low rates and sky high prices were the norm. 📈 Today we are looking at higher rates and slightly less of a feeding frenzy. Because of this, year-over-year stats just don't make as much sense. 🚫 Of course they look vastly different - they were skewed by that frenzied market! ‼️

So, to help combat the doom and gloom ⛈ and bring a little sunshine into our worlds, ☀️ I'll now be focusing on month-by-month changes because to me, that is a better indicator of what is happening NOW!

Key POSITIVE takeaways from May for both King and Snohomish counties:
🌟 Inventory is up slightly from April. (Though still far lower than we need to balance the buyer load.)
🌟 Median sales price is UP over 3% from April!
🌟 Days on market is down!

Rates are higher, yes, but when they drop, which they eventually will, the frenzy will return. 😳 Would you have rather bought in April and made 3% equity in just one month, or would you rather wait until rates drop, earning zero in the meantime and competing with everyone else? 🤔 I know which one I'd choose... ✅

If you'd like to see stats drilled down for a particular city or different county, let me know and I'm happy to send them your way! 😎