Pending sales rose again in June in all 21 counties served by the Northwest Multiple Listing Service by just shy of 14% compared to one year ago. Sellers accepted 8,577 offers on their homes and condos.
Members reported 6,214 closed sales; up 11.7 percent from a year ago. This is the highest total since September of 2007. Where we are year-to-date with closed sales is also impressive beating out last year’s first half numbers by 14.4 percent.
Median prices are now showing their biggest increase from this same time last year. Median prices area-wide have risen from $240,950 to $255,000; an increase of 5.8 percent. When we separate single family homes and condos; single family homes increased 7.3 percent while condos declined 1.7 percent.
There is still a “critical shortage” of listings coupled with the low interest rates and 1 to 2 months supply of inventory which continues to cause upward pressure on prices. By the end of June, inventory levels were at 26,545 active listings…which is 10,326 fewer than a year ago; a decrease of 28 percent. The largest drops were seen in Snohomish County (48 percent), King County (42 percent) and Pierce County (31 percent).
If you’ve been long considering a real estate move, let me know how I can help!