Northwest MLS just released May 2009 stats. As you may recall in April, we had pending sales up almost 50% from March. How did May pan out?
Inventory levels continue to shrink by double digits (17.09% less property put out for sale) over the same period last year. There were a total of 1,378 active condos in Seattle last month, compared to May 2008 when there were 1,662 condos on the market.
Pending sales in Seattle performed quite similar to same period last year (a small drop of -0.76%). However, compared to the previous month, we saw pending sales jump by ~18%.
As for closed sales, they were about two third of last year's level with 141 condos closed in May 2009. Compared to last month, we saw ~40% more closings than April 2009.
Median prices for closed condos are down by 5% from a year ago at $304,000 but moved up by ~13.4% versus April of this year.
Months of Inventory
Months of inventory for May based on closed sales comes to 9.7 months to clear it out but based on pending sales (contract accepted but not closed yet) it comes to about 5.3 months.