Home sales finish toward the end of the year much stronger than they did at the beginning! Pending sales for the fourth quarter outpaced the first quarter by more than 3,000 transactions; things appear to be looking up.
Brokers added only 4,604 new listings to the market last month which is down from a year ago by almost 16 percent and total inventory is still down by over 17 percent from a year ago. In King and Snohomish Counties, there is not much over 3 months supply of inventory currently available for purchase.
There were 5,237 pending sales reported to the NWMLS for the month of December outpacing the 4,359 pending sales posted for the same month in the previous year; a gain of more than 20 percent. Inventory levels are still down more than 17 percent from the previous year.
The median selling price of homes and condos listed in the NWMLS is still at $225,000; down from a year ago by almost 12 percent. Distressed properties are believed to contribute to this decline in prices as in some areas they make up about one third of all sales.
The closed sales of 4,741 reported for this month by the NWMLS were 7 percent higher than the 4,430 reported in December of the previous year.
We are anticipating good things to come and think now is the time to make a move, please feel free to let me know if I can help with any of your real estate needs!