Eastside Housing Update - Resale Only
Housing Inventory Remains Tight
In May 2023, there were both fewer resale listings and a lower number of homes going under contract compared to May 2022. However, we are experiencing an elevated level of Sales Activity Intensity™ for the homes that are coming onto the market in the more affordable, mid-priced, and upper end. Multiple offers and premium pricing are taking place in these price ranges. This is powering the normal seasonal upward trend of the region’s median home price that happens each year during the spring and pre-summer months.
SALES ACTIVITY INTENSITY™ SCALE
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KEY MARKET INDICATORS JUNE 2023 (MAY Recap)
Current housing market
For Buyers to create a higher level of certainty for a seller to accept their offer in a multiple offer situation and to also support their negotiation requests, the ultimate is an all-cash offer. But if your offer is based on obtaining a home loan, getting fully underwritten beforehand makes a dramatic difference. It places your financed offer ahead of other buyers that are only pre-approved and sometimes allows you to compete with an all-cash offer. This can set you apart when a seller is reviewing offers.
Source: NWMLS. Data is for Resale only.© 2023 John L. Scott Real Estate