Low mortgage rates and a continued decline in inventory is fueling buyer competition on homes close to job centers! Inventory is down over 28 percent from a year ago along with an increase in pending sales of 22 percent and closed sales of 20 percent. Closed sales in the 21 counties served by the Northwest Multiple Listing Service have topped 6,000 for the first time since September of 2007.
Median prices for single family homes are up across the board about a percent from a year ago. Since January, median prices are up 12.8 percent system-wide; and 9 counties are up 15 percent or more.
Brokers added 9,681 new listings to inventory last month while we had 9,134 Pending sales; new listings outpaced Pending sales for the first time in months. Pending sales were up over 30 percent from a year ago in 9 counties.
There were 6,027 closed sales reported last month which is an increase of 17 percent from last month…the clime continues.
With more and more investors coming into the market from the sidelines, interest rates at all time lows and prices showing strong signs of recovering; there might not be a better time to get on-board! If you’ve been considering a move, choose “The Expert“; trusted and knowledgeable since 1991!