For the first time in over 4 years, the market is seeing its first signs of appreciation! Prices rose 1.27 percent last month in the 21 counties served by the Northwest Multiple Listing Service compared to one year ago. In April 2011, the median price of closed sales area-wide was $237,000 compared to $240,000 for April of this year. Although prices for condominiums has not been faring as well, last month the median price for closed home sales was $250,000, up from both a year ago April ($242,950) and March of this year ($234,487).
Pending sales last month were reported at 8,790; an increase of 22.9 percent from a year ago. Many counties are reporting a shift to a Seller’s market!
Inventory still seems to be a key focal point in discussions as we are still seeing levels far below normal area-wide. Brokers added 9,166 new listings last month which was 917 less than the same month a year ago. There were 25,291 active listings in April which was 27.5 percent less than the same month last year.
There was 5,177 closed sales reported last month which is an increase of 2.7 percent from last month and it shows an absorption rate of about 56 percent.
With interests rates just being reported as the lowest ever and housing prices beginning to show signs of lifting up, now may be the best time ever to ‘get a move on’! I’d love to help you with your next real estate transaction!