Inventory continues to shrink while sales continue to climb! There were 6,979 new listings added to inventory in October by NWMLS members and 8,312 Pending sales reported; this is a serious swing as prices are showing double digit gains in all 21 Counties served by the MLS.
The total number of listings available at month-end was reported at 23,115 compared to a year ago when we were carrying 33,094 which is a reduction of about 30 percent. The 6,979 listings added last month was made up of 6,108 single family homes and 871 condominiums. Inventory for October is down approximately 10 percent from September of this year!
The Pending sales of 8,312 were an increase of 22 percent from a year ago and an increase of about 11 percent from September of this year! With the increase in Pending sales comes an increase in prices; the median price for last month’s closed sales of condominiums and single family homes was $251,625 (an increase of 10.4 percent from a year ago when the median price was $228,000). Surprisingly, the median price on condo sales were up 16.6 percent while single family homes showed gains of 11 percent. Hopefully, the worst for condos in now behind us!
Brokers reported 6,000 closed sales last month which was an increase of nearly 26 percent from a year ago when members reported 1,236 fewer closed transaction (4,764). Closed sales are even up 8 percent from September’s numbers where members reported 5,535 closed sales.
Since by the time you read this we will already know who will lead this Country forward for the next 4 years, these results can only be seen as extremely positive! Increases across the board from previous months and years in all areas, as well as, the first time we’ve seen double digit gains in median home prices in all 21 Counties served by the MLS since March of 2007…now may be as good a time as ever to make a real estate move. I’m here to help!