With the increase in inventory, lenders raising loan limits and price appreciation cooling, buyers should be jumping at the opportunity to buy now since rate increases have slowed for the time being and sellers are more likely to negotiate and possibly offer buyer concessions!
House shoppers this year have more to choose from than this same time last year; figures from the Northwest Multiple Listing Service (NWMLS) showed a 41 percent rise in active listings (from 11,193 to 15,830) over November of last year. Members added 6,399 new listings to inventory last month, up from the 6,098 we showed for the same month a year ago. King County had the biggest gains with its inventory surging 135 percent from a year ago, rising from 1,879 to 4,020, and inventory of condos alone more than tripled, rising from 355 to 1,221. Area-wide, the condo supply more than doubled. Looking at months of inventory, both King County and the entire NWMLS are showing 2.3 months supply.
Pending sales in November were down 10.4 percent from a year ago. Compared with October, they were down 17.5 percent yet not as bad as if we compare the two months from the previous year, November was down 21.5 percent. Closed sales declined roughly 15.3 percent from the same time last year although area-wide prices were still up 4.2 percent in the same period.
Since January, the median price in King County is up about 2.5 percent, in Snohomish County it is up about 4.4 percent and in Pierce County, it is up over 10.2 percent.
Many buyers will be looking for their next home during November through January as the selection is better, rates are still attractive, the sellers tend to be more negotiable and buyers are not tripping over one-another…which makes for a win-win for all involved. Let Hewitt Property Group help you with your next move!
Longer market times are disappointing many sellers looking for that quick sale! Sellers now need to be sure they’re priced competitively or be ready to make quick adjustments as needed.
After seven months of increasing inventory, October saw a pull back as brokers added the fewest properties to the market since this past February. Agents added 8,865 new listings to inventory in October; down from September when agents added 10,458, but up 4.7 percent from the year ago number of 8,466. Last month’s total number of active listings of 18,223 was down 6.7 percent from September but up 33.2 percent from October 2017 when that number stood at 13,680.
In the 23 counties served by the Northwest Multiple Listing Service (NWMLS), there is nearly 2.3 months of inventory, down from September’s 2.5 months number and better than the 1.5 months supply we saw at the same time last year. In King County, we have 2.4 months supply compared to .98 months a year ago. This is still far from a balanced market that is usually defined as 4 to 6 months of inventory.
There were 9,015 pending sales (mutually accepted offers) reported last month, down 14.8 percent from the year ago total of 10,586 but up slightly from September’s figure of 8,913.
Closed sales of 8,005 was a decline of just shy of 11 percent area-wide. For the four county Puget Sound region, the number of closed sales was down 15.3 percent from a year ago yet up 5.2 percent from last month.
NWMLS figures for October show median prices area wide for homes and condos is up nearly 4.6 percent from the same time last year, rising from $373,000 to $390,000. Homes prices in King County are still up almost 8.6 percent from a year ago ($565,000 to $613,509)…so sellers are still experiencing significant price appreciation. Condo prices alone are up 7.8 percent and in King County, which made up over half the condo sales last month, condo sales were up 5.8 percent…climbing from $378,000 to $400,000. The peak median price so far this year for condos in King County was $466,500 attributed to new projects in both downtown Seattle and Bellevue. The median price on new condos built in just King County so far this year is $830,287.
Buyers continue to test the market as they see better prices, less competitors and are wishing to secure a home before the holidays. Sellers, on the other hand, need to price their homes correctly to compete for these pre-holiday buyers. Let Hewitt Property Group help you better understand a winning strategy in this market, contact us at firstname.lastname@example.org or 425-481-8889; you’ll be glad you did!
Finally it looks like balance is returning to the Puget Sound housing market! Now may be the best time for buyers to buy as we believe interest rates will hit the mid 5’s sometime next year and the next surge of inventory shouldn’t occur until March, making this a great time to go shopping.
Members of the Northwest Multiple Listing Service (NWMLS) added 10,458 new listings of single family homes and condos to the market in September; bringing the total listings at month end to 19,526 (an increase of 22.9 percent from this same time a year ago when we had 15,888 total listings).
In the 23 counties served by the NWMLS, there was a 2.56 months supply of inventory for single family homes and condos combined; below the 4 to 6 months that make up a balanced market. The condo inventory alone stood at .34 months area-wide; this number is still up 70 percent from a year ago).
Pending sales were down nearly 14 percent area-wide as agents reported 8,913 mutually accepted agreements last month, decreasing 1,435 units from the same month a year ago.
Closed sales came in at 7,630 units; down 18.6 percent from the 9,371 units reported at the same time last year. For the first 9 months of this year, closings are down 4.4 percent from the same 9 months of last year.
The median price for last month’s closed sales of single family homes and condos system-wide was $400,000; up from the $381,000 reported a year ago yet down $15,000 (-3.6 percent) from August and down $25,000 (-5.9 percent) from June (this year’s peak so far of $425,000).
Contrary to what’s being reported, this new normal is highly anticipated and healthy for the market as a whole since sellers moving from one house to another have more viable options, buyers have more inventory to choose from and sellers will still sell for a fair market value. Hewitt Property Group is happy to help you make a move before increasing interest rates make it harder to find an acceptable property or increasing inventory causes you to lose traction on your net return…contact us today!
This may be the best time for house-hunters to purchase a home in the Northwest while inventory is at its highest point in three years, there are fewer bidding wars and interest rates remain historically low!
Members of the Northwest Multiple Listing Service (NWMLS) added 11,994 new listings to inventory in August, up slightly from the same time last year when agents added 11,781. By the end of the month, there were 18,580 active listings in inventory…the highest level since September 2015 when buyers had 19,724 listings to choose from, and up 11 percent from July. King County reported 5,803 listings at month’s end, a 74.3 percent increase from the same time last year when that number was 3,329.
Brokers logged in 10,109 mutually accepted agreements last month, a drop of 14.8 percent from last year when they reported 11,867 pending sales. In the four county Puget Sound region, pending sales for the same time were down more than 20 percent.
The median sales price of the 9,288 closed sales in August of single family homes and condos was $405,000, up almost 6.9 percent from a year ago when the median price was $379,000. For single family homes alone, the median price was $415,000, a 6.4 percent increase from a year ago. King County saw the median price of single family homes in August at $669,000, up 2.9 percent from the year ago number of $650,000 but down from May when that number stood at $726,275…the highest so far this year.
As buyers enter the market to take advantage of the greater selection than previous months, so too should sellers be sure they are priced properly to benefit from these remaining buyers while what’s left of the seller’s market continues. Now’s the best time to have an expert help you navigate these waters…contact Hewitt Property Group for the very best in representation!
Multiple offers, for the most part, are a thing of the past! Recent figures from the Northwest Multiple Listing Service (NWMLS) show year-over-year improvement in inventory of 6.5 percent with modest drops in pending sales (down over 7 percent) and closed sales (down 3.4 percent) in the 23 Counties it serves.
The total number of active listings at month’s end in July was 16,773, the largest volume since September 2016, and 1.8 months of supply…the highest since October 2016. Since March in King County, inventory has nearly doubled…going from 0.8 months to 1.5 months of supply. King County’s inventory in July has climbed nearly 48 percent from a year ago, going from 3,465 to 5,116. In Snohomish County, it has climbed 15.8 percent.
NWMLS data shows pending sales declined from 11,800 a year ago to 10,965, a decline of 7.1 percent. Prices for single family homes only rose 8.4 percent with condos alone rising 10.2 percent; in King County…that number for condos rose nearly 12 percent.
Agents reported 9,379 closed sales in the month of July compared to 9,707 at the same time last year (a decline of about 3.5 percent). Data shows a 32.5 percent increase in the closed sales of homes priced at $2 Million or more so far this year as compared with the first seven months of last year (up from 477 to 632 closing of homes and condos in this price arena).
All-in-all, now is a great time to be a buyer with the increased inventory and the decline of multiple offer situations; yet seller need to be sure to hire a true professional in order to optimize their return on their investment…your best next move would be to contact Hewitt Property Group and let us handle the rest!
Brokers are feeling a shift in the market with more choices and less competition for buyers and longer market times with occasional price corrections for sellers.
Agents of the Northwest Multiple Listing Service (NWMLS) added 13,153 new listing to inventory in June; a slight drop from a year ago when agents added 13,658 and from May when 14,524 new listings were added. At month’s end, there were 15,234 total active listings and 1.5 months of supply; this was its highest level since this past October. Active listings in King County was up 47 percent from this same time last year; a significant jump.
Median prices from June of last year were up over 10 percent in King County and up just shy of 15.5 percent in Snohomish County; yet King County was down 1.6 percent from May ($726,275) to June ($715,000). 20 of the 23 Counties served by the NWMLS experienced year-over-year double-digit increases in median prices, while Grant, Kitsap and Skagit counties each had gains under 6 percent. With over 100,000 net new jobs being created annually in the Northwest and less than 30,000 new homes being built, these trends are likely to continue.
Pending sales were down in the four county Puget Sound area region (King, Kitsap, Pierce and Snohomish counties) by nearly 11 percent from a year ago. Area-wide, pending sales were down 8.4 percent and closed sales were down .07 percent from this same time last year.
All-in-all, inventory is up and demand is down! It is critical that now, more than ever, both sellers and buyers alike need experience in their corner and who better than Hewitt Property Group to represent your best interests; contact us today!
Is the market seeing signs of a shift as more listings hit the Northwest Multiple Listing Service (NWMLS) in May than we saw in the last decade?
New listings saw the largest increase in a decade as agents added 14,524 new listings to inventory in May; the first time we surpassed 14,000 since May of 2008. A climb of nearly 29 percent from the 11,271 added in April. Total listings at month end stood at 12,956.
Pending sales were logged in at 12,168 during May, a decline of 2.7 percent from a year ago when members reported 12,511 pending sales.
Median prices of single family homes and condos that closed in the 23 counties served by the NWMLS was up nearly 11 percent, rising from $378,475 to $420,000. In King County, prices rose from $560,000 to $650,000; up just over 16 percent…single family homes rose from $633,500 to $726,275 (up 14.64 percent).
Closed sales were down slightly from 9,106 a year ago to 9,011; down a little over 1 percent. Compared to April number of 7,726, closed sales are up 16.6 percent.
More new listings creates an opportunity for buyers to get off the sidelines and step in as there may be an excellent opportunity to pick up a house without the threat of multiple offers. Sellers may need to re-evaluate an exit strategy to keep one step ahead of any shift that may be heading their way. In either event, most rely on a trusted and proven professional to help them navigate these waters; Hewitt Property Group is there as you need us…contact us today!