September sales continued to impress as after a brief uptick, the market enjoyed four weeks of falling rates ahead of the government shutdown.
New listings increased roughly 17 percent from a year ago; putting the total number of active listings ahead of the year ago number by 2.1 percent. However, 11 of the 21 Counties served by the Northwest Multiple Listing Service reported a decline in listing inventory from a year ago.
Pending sales rose 4.6 percent for all 21 Counties with 14 showing double digit gains while 3 reported declines.
The median price was up 8.7 percent from the previous year ($255,745 a year ago September and $278,000 last month). Seven Counties recorded double digit increases while five Counties reported lower median prices than a year ago. Prices for closed sales of single family residences rose 8.2 percent while condos rose 12.3 percent; understanding that condos make up a much smaller segment of the total market.
Closed sales in September increased 21.2 percent from a year ago; up to 6,711 from 5,536 in September of last year.
King County is showing 1.95 months supply of inventory while Snohomish County is showing 2.32 months; 4 to 6 months is generally viewed as a balanced market. This means the market still appears to be favoring Sellers.
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