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!
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!
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!
Now continues to be a great time to be a seller while buyers are taking advantage of the opportunity to purchase when other buyers may be taking time off. With uncertainty around potential tax changes and seasonal slowdowns, both buyers and sellers can benefit from expert advise before making a move!
Members of the Northwest Multiple Listing Service (NWMLS) added 8,466 new listings to inventory last month beating the year-ago number of 7,575 by 11.8 percent, yet pending sales outpaced this number by over 25 percent as mutually accepted agreements came in at 10,586. Total inventory at month’s end was 13,680 which was nearly 13 percent below October’s total last year of 15,690 units.
The median price in the 23 counties served by the NWMLS for October was $373,000; up over 8.1 percent from a year-ago when it was $344,900. For single family homes alone, the median price was $381,000 and in King County, that number was up 17.6 percent from last year going from $625,000 to $735,000. On the Eastside, the median price rose from $768,000 to $845,000 (up 10 percent).
Closed sales of 8,989 in October were up over 5 percent from last year when members reported 8,554 closed units. Overall at month’s end, there was only 1.5 months of supply of single family homes and condominiums available for purchase.
All in all, this may be the best time for sellers to take advantage of the higher prices and make a move while buyers should consider jumping into the market while the competition takes a rest. Whether you’re a buyer or a seller, let The Expert Real Estate help you to make the right choice!
The market is beginning to show signs of calming and discouraged buyers seem to be heading back into the market as market indicators suggest a leveling off may be under way while a more balanced market may be in our future. Some industry analysts caution that some of these signs could just be seasonality settling into the market.
Members of the Northwest Multiple Listing Association (NWMLS) added 10,120 new listings to inventory in September which was just shy of 1 percent higher than the year ago number of 10,029. At month’s end, there was 15,888 listings of single family homes and condominiums in the 23 counties served by the NWMLS, a drop of 12.4 percent from a year ago when we saw 18,136 listings.
Pending sales was reported at 10,348 mutually accepted agreements which came in slightly lower than the 10,370 we saw in the same month last year; yet last month’s total was the second fewest reported since February’s 8,209 units.
NWMLS figures show median prices are up more than 12 percent from September of last year, rising from $340,000 to $381,000 although down from the peak of $385,000 reached in July.
Agents closed 9,371 sales last month, which beat last year’s September number of 9,032 by almost 4 percent yet missed August’s number of 10,347 by over 10 percent.
Moral to the story, now may be the best time to buy as fewer compete and sellers might want to consider selling before the momentum shifts any further. For help deciding what’s best for you, feel free to contact The Expert Real Estate for all your real estate needs!
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!
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!