Home sales in January may not have outplayed the Seahawks performance in the Super Bowl but nonetheless, it appears the recovery is continuing!
Pending sales and closed sales are about even with the numbers reported at this same time last year. Members of the Northwest Multiple Listing Service reported 7,044 pending sales in January; about even with the same month a year ago (7,016) yet a jump of 35 percent from December’s number of 5,224. Closed sales in January came in at 4,306; only gaining on the previous year’s number of 4,289 by 17…just about even.
The buzz on inventory is that it still has a way to go yet the numbers, on average, don’t agree! We added 7,342 new listings to inventory during January; compared to 7,096 a year ago…an increase of about 3.4 percent. Bringing the total inventory for January in the 21 Counties served by the NWMLS to 19,195; a jump of 6.6 percent from the year ago total of 18,008. Thirteen Counties have more listings than this same time last year.
Area-wide we have a 4.5 month supply of inventory…below what is Nationally described as a balanced market (6 months); yet in the Puget Sound area, I believe our balanced market is closer to a 4 to 5 month supply…so this would indicate a balance. The biggest shortages are seen in King County where they have less than a 2.5 month supply and Snohomish County at 3.5 months. (Note to reader – the NWMLS has recently switched to calculating months supply of inventory using closed sales as opposed to pending sales (used previously)…all data, for comparison purposes, has been adjusted to closed sales for 2013 and forward)
Overpriced properties are being blamed for the sluggish activity in Snohomish County where inventory is up 40 percent from a year ago. Properly priced properties are seeing multiple offers while others are sitting.
Home prices area-wide are up 6.6 percent from a year ago yet down from prices in December. The median price for closed sales of single family homes and condominiums in January was $255,055; up from $239,300 a year ago. Single family homes alone were up more than 6.3 percent (from $249,200 to $264,995) and condos were up 14.8 percent (from $169,000 to $194,000). In King County (where closings accounted for nearly 1 out of every 4 reported), the median price was $364,875; up 15.8 percent from a year ago when the median price was $315,000.
Although the recovery appears to be continuing, Buyers and Sellers still need the help of a trained and knowledgeable professional to help navigate the real estate landscape; we here at The Expert Real Estate Group are always ready to assist you in every way possible…let us know how we can help!
Our Seattle Seahawks came away Super Bowl Sunday with an incredible victory over the Denver Broncos (43 to 8) in what played out to be one of the best performances in an NFL title game with a defense that ranks among the greatest ever. This is the Seattle Seahawks first Super Bowl win in the franchise history. This awesome defense wouldn’t let Peyton Manning have any kind of rhythm to get much of anything out of the pocket.
Vegas was equally disappointing as they had favored the Denver Broncos by 2 ½ points and even had the over-under at a mere 47 ½; close, but had Denver been allowed to score more, this would have been an even bigger blow.
We are excited to welcome back our winning team and wish Peyton Manning (five-time MVP) and the Denver Broncos all the best as they did win the AFC division and I’m sure never expected the blow the Seattle Seahawks delivered in what has turned out to be an awesome time for the Northwest.
As the second youngest-team to win a Super Bowl victory, I believe we will have the opportunity to return to the Super Bowl in the very near future. Go Hawks!!