Pending Sales are back to outpacing the new listings again! Members reported adding 7,300 new listings to inventory in September while there were 7,494 Pending sales reported; this was nearly 600 more than reported a year ago September. Along with the increasing prices, these are all good signs for the continuing demand!
Listing inventory of 25,476 active listings with the Northwest Multiple Listing Service is still down 27.7 percent from a year ago when we had 35,254 listings. The sharpest drop in active listings came in Snohomish County where their numbers are down almost 50 percent (2,187 listings this past month compared to 4,308 listings at the end of September 2011).
The median price for both single family homes and condominiums in the 21 Counties served by the Northwest Multiple Listing Service are up 9.2 percent from a year ago September; with single family homes pulling this number up with its increase of more than 12 percent ($240,000 versus $269,000). The median price reported in King County was $375,000 which was the second highest to San Juan County at $380,000.
There were 5,535 closed sales reported this past month which was an increase of 11 percent from a year ago when members reported 4,988 closed sales. The past three quarters closed sales were up 14.6 percent from a year ago (48,022 last month compared to 41,906 in September 2011).
All-in-all…we are seeing signs that the worst appears to be behind us. With the elections coming in November and decent job numbers being reported, it looks like we may have most of the ingredients for a sustainable run; just make sure you get the best in real estate representation once you decide to make a move!