Inventory continues to shrink, as expected during the holiday season. There were 5,315 new listings added to inventory in November by NWMLS members and 6,522 Pending sales reported. The highest total for November in six years!
The total number of listings available at month-end was reported at 21,042 compared to a year ago when we wee carrying 30,640 which is a reduction of about 31 percent. Condominium inventory is at half the levels from a year ago.
Last month’s Pending sales rose 6.9 percent compared to a year ago, and was the best November for mutually accepted offers since 2006 when 7,022 transactions were Pending. There were 5,333 closed sales in the month of November for single family homes and condos. This was an increase of 14.9 percent from a year ago, the biggest increase year-over-year since July 2006. The median price for last month’s closed sales of single family homes was $269,000 and condominiums were $185,000. Last month’s price gains were up by 21.8 percent in King County alone. Single family homes in King county that closed during November dominated and sold as high as $385,000, which is up by 19.7 percent from a year ago.
Short sales are significantly up, compared with two years ago and now exceed the bank owned (REO) listings. Right now is a seller’s market for the first time since 2007. If you are on the fence about putting your home on the market, now may be as good a time as any. I’m here to help you with your next real estate move!