Puget Sound’s housing market is heating up fast heading into the summer months, and May already set a few new records, according to real estate experts.
Northwest Multiple Listing Service, a Kirkland-based firm that maintains a database for brokers in 26 counties, outlined some “chaotic” trends in a new report published this week. As noted by the Seattle PI, compared with last May, the median home price skyrocketed 30 percent across the region, growing by 23 percent in King County and 35 percent in Snohomish County.
“Everything is about breaking records this past year with record-breaking housing prices, record-breaking low inventory, and record-breaking consumer savings rates during the pandemic,” said Meredith Hansen, owner at Keller Williams Greater Seattle. “All this equals a very strong, chaotic market that may not slow down for the next year.”
At the same time, the month-to-month number of active listings for single-family homes dipped slightly, and May’s inventory was down by 46.6 percent year-over-year.
