January 2013 NWMLS ActivityPosted: March 5, 2013
Forecasts for an early Spring have been confirmed as the NWMLS reported 4,289 closed sales in January which exceeded the year ago total by 820 transactions (increase of 23.6 percent).
Pending sales were also up 14.4 percent in January as members logged in 7,016 compared to 6,132 a year ago and also beating the highest previously reported January in 2005 when members reported 6,714 Pending sales.
Active listings continue to shrink as current inventory number show a decrease of 31.3 percent from January 2012. The hardest hit are Snohomish and King County where inventory is down 51 and 48 percent respectively. January’s current inventory stands at 18,008 as members added 7,096 new listings which surpassed the Pending sales number by just 80 listings. This is hopefully a sign that we may start to gain ground on inventory as construction starts are up in many areas!
Sixty percent of homes close to major metropolitan areas are selling in less than 30 days which represents twice the average rate. With rates continuing to be low and a reduced selection of properties, multiple offers are more and more prevalent.
As median home prices continue to rise (currently $239,300 compared to $214,990 a year ago; an increase of 11.3 percent) and buyers continue to invest in real estate, now may be as good a time as any to buy or sell real estate while taking advantage of this optimum market timing!