July 2012 NWMLS ActivityPosted: August 8, 2012
Buyers continue to scramble to take advantage of the low interest rates while inventory levels remain low! This has been described as the best buying opportunity ever.
At the end of June we saw 26,545 active listings compared to 26,747 in July; hopefully signs that inventory levels are improving. While compared to a year ago, inventory levels are off by more than 28 percent with inventory in Snohomish County represents almost half of what we had a year ago (4,546 versus 2,277)!
There were 8,416 Pending sales reported as compared to 8,632 new listings added to inventory; another good sign for inventory levels. Pending sales increased more than 17 percent compared to a year ago in all 21 Counties served by the Northwest Multiple Listing Service.
Prices also rose 7 percent as the median sales price increased from $237,975 a year ago to $254,900. Single family homes showed the greatest increases (up more than 10 percent) while Condominiums remained mostly flat. Clallam, San Juan and Snohomish County reported double-digit gains.
Brokers reported 6,098 closed sales in July compared to 5,180 one year ago; an increase of 17.7 percent. This was the second time this year that sales were over 6,000; a volume last reported in September of 2007.
All-in-all we are seeing the market heat up and with interest rates being the lowest of record, the time couldn’t be better to be in real estate. I believe the client deserves the best possible real estate experience; let me know how I can help!