May 2018 NWMLS Activity

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!

April 2018 NWMLS Activity

While home buyers are celebrating the uptick in inventory, prices continue to rise and mortgage rates continue the threat of increasing further.

Brokers of the Northwest Multiple Listing Service (NWMLS) added 11,271 new listings to inventory in April, a gain of 6.3 percent over March and a gain of 5.9 percent from the same time a year ago. At month end, active listings of single family homes and condos stood at 10,079 units; a growth of 1,254 listings from March’s total of 8,825. King County inventory grew 13.6 percent from a year ago.

In the 23 counties served by the NWMLS, there is a 1.3 month supply of inventory; King, Kitsap, and Snohomish County reported less than a month supply. The condo segment area-wide has just slightly over 3 weeks supply (.87 months).

Median prices for single family homes and condos year-over-year area-wide jumped 15.3 percent; climbing from $360,000 to $415,000. King County showed the biggest gain of nearly 18.2 percent; climbing from $550,000 to $650,000 while the median price for homes and condos in Snohomish County came in at $475,000.

Pending sales came in at 10,574 (697 units under new listings added) and closed sales were reported at 7,726.

As higher interest rates calm home price appreciation for sellers and increasing inventory provides some slight relief for home buyers, sellers and buyers alike should be encouraged to work with a broker who understands the current market and can guide both to a successful closing. Let Hewitt Property Group help you make your next move!

March 2018 NWMLS Activity

Puget Sound area job growth along with the rising interest rates seen throughout the Country both add to the already tight market supply allowing sellers to enjoy great price appreciation while driving some buyers lower in their choices.

Agents of the Northwest Multiple Listing Service (NWMLS) added 10,595 new listings to inventory in March…slightly more than the same time last year when that number stood at 10,321; although it was a great gain in comparison to February when members only added 7,284 new listings. Inventory at month’s end was 8,825, down nearly 9.7 percent to the year-ago number of 9,772.

Brokers reported 10,311 pending sales (mutually accepted agreements) last month, a slight decrease over last year’s 10,415 pending sales number but a big climb from last February’s 7,980 count.

Area-wide, there is a 1.2 month supply of listings; Snohomish county is the lowest of the 23 counties served by the NWMLS with only .67 months…followed by King County with .83 months.

Prices overall in the NWMLS are up 13.2 percent from a year-ago and higher in the four-county Puget Sound region. The median price for single family homes and condos in King County is $625,000; up 17.9 percent from last year’s number. Single family homes alone in King County are up to $689,950.

Now may be your opportunity to get in before rates go higher and/or get out before higher rates and climbing inventory has a chance to slow any gains. Let Hewitt Property Group know how we can help…we love serving our clients!

February 2018 NWMLS Activity

With the robust job market of the Pacific Northwest outpacing most metro areas in the nation and the slight rise in interest rates seeming to have little to no effect on home sales, for now…there seems to be no end in sight!

In February, members of the Northwest Multiple Listing Service (NWMLS) added 7,284 new listings to inventory which outpaced the same time last year (6,848) by 6.4 percent. At month’s end, there were 7,921 total listings in inventory…a drop of roughly 13 percent compared to 9,091 for February of last year.

Pending sales of 7,980 outpaced new listing and total listings; yet this number is down from last year’s 8,209 pending sales by close to 3 percent. On the other hand, closed sales outpaced last year by nearly 3.6 percent…rising from 5,358 to 5,548.

Median prices on these closed sales was up almost 14.8 percent in the 23 counties served by the NWMLS for the same one year period, rising from $335,515 to $385,000. Snohomish County had the largest increase, rising from $387,250 to $460,000 (up 18.8 percent).

Sellers may still have the upper hand yet some specific areas are now showing signs of easing. As we enter Spring, the market heats up ahead of summer making now as good a time as any to consider a move. The best plan will include a skilled professional, Hewitt Property Group, to help you make the right move…contact us today!

January 2018 NWMLS Activity

As January comes to a close and you compare it to the same time last year, prices rose double digits, pending sales were up slightly and inventory shortages remained.

Members added 6,805 new listings to inventory last month, an increase of roughly 4.6 percent from a year ago. Total inventory at month’s end stood at 8,037 homes and condos, down nearly 17.6 percent from last year’s January when total inventory was at 9,750 listings.

Agents of the Northwest Multiple Listing Service (NWMLS) reported 7,820 pending sales. In King County, pending sales of 2,282 finally outpaced the new listings count of 2,326 by 44 units. Hopefully, a sign of things to come!

Prices of single family homes and condos rose from January of last year’s number of $327,500 to $363,500; a jump of about 11 percent. In King County, prices rose from $475,000 to $571,250 (up 20.3 percent) and Snohomish County was up about 12.2 percent.

Closed sales of 5,325 units was down roughly 9.3 percent from a year ago; leaving us with approximately 1.5 months’ supply of inventory in the 23 counties served by the NWMLS (system-wide).

All-in-all, it is a great time to sell because of higher prices and may be an equally good time to buy as new owners of real estate seem to also realize a benefit from the climb. When selling or buying, trust Hewitt Property Group to help you make the right move…contact us today, you’ll be glad you did!

December 2017 NWMLS Activity

Pending sales are down double digits in King County due to fewer homes for sale as opposed to less people buying. There is a huge discrepancy between supply and demand thus causing prices to continue to rise with multiple offer situations in many markets.

Agents of the Northwest Multiple Listing Service (NWMLS) added 4,053 new listings to inventory in December (almost 4 percent fewer than this same time last year) bringing the total inventory count at month’s end and year end to 8,553 units (just over 19 percent fewer than last year).

Members logged 6,198 pending sales (mutually accepted contracts) last month; a decrease of over 3 percent from this same time a year ago when that number came in at 6,401. In either event, this number far exceeds new inventory by almost 35 percent; which begs the question, how can we increase inventory when we are depleting it at an ever-increasing rate.

In the 4-County Puget Sound region, King County saw the sharpest year-over-year median price increases at nearly 16 percent as prices jumped from $505,000 to $585,000 for single family homes and condos combined. For single family homes alone, that jump was 15.5 percent going from $550,000 to $635,000 at year end. Condo prices were up 28 percent rising from $315,000 to $402,000 while inventory of the same fell more than 40 percent (346 to 206 units); surprisingly leaving only about 10 days of supply (0.35 months of inventory).

NWMLS statistics showed prices rising system-wide 11.4 percent for the 7,642 closed transactions.

With the strong sales numbers and challenges facing inventory, it will be interesting to see what happens in 2018 with both. In any event, prices are forecasted to continue going up as our economy remains strong, interest rates remain low and demand for housing persists. Now, more than ever, is a great time to weigh your options for either buying or selling and no better place to start than contacting Hewitt Property Group today!

November 2017 NWMLS Activity

During the Holidays and into early February may be the best time to buy a home due to the best pricing, less competition and sellers being eager to make a move!

Agents of the Northwest Multiple Listing Service (NWMLS) added 6,098 new listings to inventory in November; a gain of nearly 5.6 percent from the same time last year when agents added 5,776 new listings. Total inventory at month’s end was 11,193 listings; down 2,110 units (nearly 16%) from November of last year when agents reported 13,303 total listings.

Pending sales outpaced new listings last month as members of the NWMLS logged in 8,304 mutually accepted agreements; a 1.6 percent gain over the year-ago number of 8,173. Measured in months supply, there is approximately 1.4 months of inventory in the 23 counties served by the NWMLS; in Snohomish County that number is .89 months and in King County, .79 months.

Home values are still seeing increases; the system-wide median price of $379,000 is up 10.8 percent from the same time a year ago. In King County, the median price of single family homes and condos is up 15.6 percent rising from $497,254 to $575,000…for single family homes alone the median price was $630,750 (up nearly 14.7 percent) and for all condos, the median price was up 17.1 percent (inventory was down 28 percent). New construction condos alone in King County had a median price of $873,490.

Members logged in 8,068 closed transaction in November; up 2.5 percent year-over-year. Sales of single family homes alone rose about 3.3 percent yet condos fell about 2.6 percent (possibly due to the limited selection).

Next year is looking to be another great year for real estate with forecasts for increased activity coming in around 5 percent and home values rising coming in anywhere from flat to a 5 to 8 percent increase. We here at Hewitt Property Group (formerly The Expert Real Estate) are here for you when you need us and have seen better than market results for our sellers and our buyers…contact us today before you make a move!