May 2024 – Seattle’s Eastside Market Report

Tom Perry – Real Estate Solutions

Realty Executives Brio – Data from NorthwestMLS and Freddie Mac

Looking Back at May for Seattle’s Eastside:

Bellevue, Redmond, Kirkland, Issaquah. Resale Only, No Condominium, No Townhouse

New Listings during the 31-day month: Only 172 new listings came on the market in May.

Available Homes: We ended the month with 265 homes on the market. (42-AVG days on Market)

Months of Inventory: .94 months of available homes.  (Extreme Seller’s Market)

Pending Sales: 233 homes went under contract. (avg. 14 days on market – 66% SOLD the first week)

SOLD Units: 283 Units Closed in May.  (78% SOLD in the first week)

Median Home: 5-Days on Market … $1,625,000-List Price – $1,700,000-SOLD Price … 105.8-%/List Price

New Construction: 31-Homes SOLD … $2,702,000-SOLD price     Only 37-Active homes

May 30, 2024: Here are some experts’ predictions for the average 30-year fixed-rate mortgage for the remainder of 2024. 

Freddie Mac. Mortgage rates will stay above 6.5% through [Q2].

Fannie Mae Housing Forecast.  We now forecast the 30-year fixed rate mortgage rate to average 6.6% in 2024, and to average 6.1% in 2025.”

National Association of Realtors chief economist Lawrence Yun.  That means the mortgage rates will likely be in the 6% to 7% range for most of the year.”

Mortgage Bankers Association (MBA). Forecast is for the 30-year fixed-rate mortgage to end 2024 at 6.4%.·       

Just a note: The fed’s decisions to raise or lower the rate doesn’t affect the mortgage rates directly. Mortgage rates are affected by the comfort level of the banks. They also follow the trends in the bond market. Bonds go up and mortgage rates go down.

For an easy assignment: Watch the DOW’s prediction for the fed, the FED’s actions and the Consumer Price Index (CPI) for hints of inflation movement. Then make your guess.

If you have the thought of selling your home in 2024, contact me yesterday! It’s always best to plan ahead. Contact me directly or go to REX2020.com to learn more about and my “Net Top Dollar” system. Complete the “Seller Survey” and I will create an Equity Report for your home, a 3-year market trend report for your area and get it to you promptly.

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