August 2017 NWMLS Activity

While we enter into the Fall market season, strong job growth and great interest rates seems to be keeping the market on a steady pace yet multiple offers are down in some areas and many offer review dates came and went without any offers being made.

The Median price in the 23 Counties served by the Northwest Multiple Listing Service (NWMLS) increased 8.3 percent since August of last year and in King County, that number was 17 percent.

Members reported 11,867 pending sales (mutually accepted contracts) last month, which was down .09 percent from a year ago and just beat out our newly added inventory of 11,781 by 86 units. Total inventory at month end was 15,987 units.

The 1.55 months supply of inventory in August was down slightly from July (1.62 months) and even more from the same time last year (1.9 months). King County was the tightest inventory at only .93 months of supply.

Looking at the high-end luxury market, year-to-date we saw 3,727 single family homes selling for more than a million dollars compared to 2,456 for the same eight months last year; a jump of nearly 52 percent.

It is expected that inventory will drop in the coming months and buyers will have their best opportunity to shop in order to be successful in purchasing a home. Be sure to get the right advice when selling and buying to navigate the market successfully; contact us at The Expert Real Estate…you’ll be happy you did!


July 2017 NWMLS Activity

As the summer remains hot, prices continue to sizzle and like our summer, many wonder for how long it will last?

Brokers of the Northwest Multiple Listing Service (NWMLS) added 12,300 new listing to inventory in July, up 122 units (1 percent) from the same time a year ago yet well below June’s number of 13,658. Total listings at month’s end was 15,749; a decrease of 13.9 percent over July of 2016 when we saw 18,287 listings. Measured in months supply there is 1.6 months of inventory to choose from compared to a year ago when there was 1.93 months. Both King and Snohomish County have only about a 3 weeks supply.

In the 23 counties served by the NWMLS, there were 11,800 pending sales (mutually accepted agreements) last month, which was up 1.3 percent from the same time a year ago when members reported 11,645 pending sales. In King County, mutually accepted agreements were down nearly 20 percent.

The median price of July’s 9,707 closed sales was $382,000, up over 9.1 percent from the previous year when the median price was $350,000. The median price of $599,000 in King County was an increase of 18.6 percent from a year ago when that number came in at $505,000. Single family homes alone in King County were up from $555,000 to $658,000 in the same period; an increase of just under 1 percent (.76) from June; could the climb be slowing?

All in all, pending sales fell short of new listings and closed sales were even shorter; which begs the question…is a shift coming or are we just taking advantage of an awesome summer? Having your finger on the pulse is what The Expert Real Estate has been doing well for over 26 years…let us help you make the right choice and contact us today!


June 2017 NWMLS Activity

As the summer heats up, the housing market’s pace of sales is slowing and the number of multiple offers is moderating which may mean the opportunity buyers have been waiting for to swoop in and grab their next home!

In June, we saw 13,658 new listings added to inventory, which was the highest total for any single month since May 2008 (14,176) and up about 7 percent from the same time last year. Total inventory at months end came in at 14,482, which is down 14 percent from a year ago when that number was 16,838; yet when compared to May (12,481), inventory jumped 16 percent.

Brokers of the Northwest Multiple Listing Service (NWMLS) reported 12,397 pending sales in June for an increase of 3.4 percent over June of last year; although pending sales were down slightly from May (12,607).

Prices for single family homes and condominiums were up 10 percent from a year ago rising from $350,000 to $385,000. In the four county Puget Sound region, prices are up about 11.4 percent for the same period. In King County, prices for single family homes alone are up 13.9 percent rising from $573,522 to $653,000.

Last month’s closed sales of 10,094 in June was a first for NWMLS member brokers and beat last year’s number by nearly 3 percent. Sales for the first half of 2017 are up 4.7 percent compared to the first half of 2016.

The increase of new listings coming to the market along with fewer offers for each property gives the current buyers more selection and a better chance to land a suitable property. Strategizing and planning to ensure a better chance to win your next bid or pricing properly to assure the highest and best price for your home are things we here at The Expert Real Estate do well; let us help you with your next move!


May 2017 NWMLS Activity

As we enter the summer months, hopefully the weather stays warm as it looks like the signs are there for the market to begin cooling in outlying areas.

Agents added 13,497 new listings to inventory in May, outpacing April’s number by 2,849 listings (a gain of nearly 27 percent); compared to the same time last year…newly added volume is up roughly 10 percent. Total active inventory of 12,481 is down from last year yet about 6.8 percent better than April.

Pending sales reported by Brokers of the Northwest Multiple Listing Service (NWMLS) came in at 9,188 units in the four County Puget Sound regions; and system-wide, brokers reported 12,607 (up 2.7 percent from a year ago).

System-wide, there is about 1.37 months of supply; median price is up 11.2 percent from this same time last year…rising from $339,950 to $378,044; and there were 9,112 closed sales last month.

The summer could be the buyer’s first opportunity to slide in and grab the home of their dreams as many other buyers choose recreational pursuits and vacations over house hunting. In any event, The Expert Real Estate will be here working smart to help our clients in whatever capacity they need…so feel free to reach out and engage us!


April 2017 NWMLS Activity

As we still experience low supply and high demand, the market continues its upward pressure on prices pushing them even higher! Sellers are enjoying the luxury of their properties being worth more than they had expected and possibly being allowed to stay in the home for a short time after closing to help with coordinating their move to the next home.

Agents of the Northwest Multiple Listing Service (NWMLS) added 10,648 new listings to inventory in April; down from the 11,939 reported at the same time last year. There was 10,679 total listings in inventory in the 23 counties served by the NWMLS at month’s end; an increase of over 9 percent from March when 9,774 was the number reported.

Inventory stands at about 1.5 months supply area-wide compared to 1.85 months supply a year ago. The market has not seen more than 2 months supply since September of 2016.

Pending sales last month came in at 10,514 units; just shy of wiping out the entire new inventory that had just hit the market. The first four months of 2014 saw pending sales down 8.5 percent from the same four months last year yet new listings are down 24.3 percent in comparison. Closed sales of 7,276 units was reported.

 

Median prices for all the areas represented by the NWMLS were up 10.4 percent from a year ago ($325,990 to $360,000). The four-county Puget Sound region (accounting for 77 percent of all sales) saw a jump of 14.7 percent. Snohomish County was up 16.7 percent climbing to $416,668.

Well it looks like this sellers market may be here to stay a while longer with buyers working through the maze to find their next home. It’s more important than ever to make sure you have a professional on your side that knows the market and can represent you the very best in navigating this unique set of circumstances; we here at The Expert Real Estate have done this better than most for over 26 years…let us help you with your next move!


March 2017 NWMLS Activity

The market continues to move at a fast pace while sellers continue in control and buyers are doing everything they can to get their offers accepted!

Members added 10,321 new listings to inventory last month bringing the total active listing count at month end to 9,774; 7.5 percent improvement from February yet a roughly 23 percent decline from the same time a year ago.

Brokers of the Northwest Multiple Listing Service (NWMLS) logged 10,447 pending sales (mutually accepted agreements) outpacing February by 2,200 units (8,247) but falling short of March of last year by 453 units (8,247).

Median prices of single family homes and condos in the 23 counties served by the NWMLS were up 10.9 percent from a year ago rising from $320,000 to $355,000. For single family homes alone, that number was up 11.5 percent rising from $327,300 to $365,000. In King County, single family home were up 12.9 percent from a year ago with the median price coming in at $599,950.

Area-wide, there is only 1.3 months supply of inventory; in King and Snohomish County, that number drops below a month…

There were 7,541 closed sales of all single family homes and condominiums reported for March. In the luxury market (homes at or above $1 million), the first 3 months saw a 60.5 percent gain in closed sales activity from the first 3 months of last year; going from 577 in the first quarter of 2016 to 926 in the first quarter of this year.

It’s certain that the threat of rising interest rates coupled with the shortages of inventory is helping to increase prices while holding some sellers on the sidelines that would otherwise want to make a move. It’s best you know your options before you commit and we here at The Expert Real Estate know this better than most…let us help you with your next move!


February 2017 NWMLS Activity

Lack of inventory is helping sellers to push the value of their homes to levels that have some agents shaking their heads in disbelief while causing some appraisers to believe otherwise and causing perfectly good buyers to lose out in multiple offer situations!

Agents added 6,848 new listings to inventory last month; an increase of over 5.2 percent from last month when agents added 6,507 units. There were 9,091 total listings at the end of February; a decrease of almost 6.8 percent from January (9,752) and a decrease of about 25 percent from the same time a year ago when we saw 12,107 total listings.

Brokers of the Northwest Multiple Listing Service (NWMLS) reported 8,247 pending sales (mutually accepted agreements) in February; an increase of almost 6.5 percent from January (7,745) and a decrease of about 8.9 percent from last year (9,052).

Year-over-year median prices for single family homes and condos in King County jumped 14.1 percent (rising from $439,950 to $502,000) while single family homes alone saw an increase of 8.7 percent (rising from $514,975 to $560,000); in Snohomish County, prices were up 18.2 percent (rising from $327,500 to $387,250) and single family homes alone were up 14.9 percent (rising from $359,000 to $412,500).

There were 5,374 closed sales in February compared to 5,029 a year ago…an increase of almost 6.9 percent.

Many real estate professionals are optimistic that inventory levels will creep up once we head into the spring market and hopefully, continue to do so as we work toward achieving a more balanced market. If you’d like to cash in on the wave or just retain the best in representation, contact The Expert Real Estate today!