The recent market has been described as “sluggish”! While inventory levels are creeping up slowly, the selection continues to leave much to be desired. Listings close to job centers continue to draw multiple offers and properties further out, need to show well and be priced correctly to enjoy these same benefits. Closed sales appear flat when we look at the total for all areas compared to a year ago and the median price has calmed to rising slightly; up only 1.9 percent (although some Counties did much better, others…didn’t do so well)
Northwest Multiple Listing Service (NWMLS) members added 11,043 new listings to inventory during April (a gain of 700 or 6.7 percent from April 2013) bringing the total to 21,390 listings area-wide; an increase of 7.9 percent from 19,826 reported a year ago. Despite the increase, brokers are still starving for the right property at the right price for many of their clients. King County has a 1.74 months supply (compared to 1.55 a year ago April) and Snohomish County has a 2.47 months supply (compared to 1.5 a year ago April).
There were 9,590 pending sales of single family homes and condominiums during April which kept pace with the 9,600 reported a year ago. These numbers were second to May 2013 when we logged 10,045 pending sales across the 21 Counties that make up the NWMLS.
Closed sales of 6,190 single family homes and condos were slightly below the year ago volume of 6,209; a decrease of not even a percent.
The median price area-wide was $275,000; rising 1.9 percent from $269,950 reported in April 2013. Single family homes were up 2.7 percent from $279,942 to $287,500; and condos enjoyed the biggest increase of 8.3 percent from $203,00 to $219,750. Some bright spots include King County where the median price was up 9.7 percent ($386,000) and Snohomish County where the median price was up 7.6 percent ($296,000).
As inventory levels rise and prices start to relax with interest rates remaining stable, for the moment, it may be our best time to buy. Since this is a major decision in most people’s lives, why not have the very best to guide you through the process. It can be tricky and there is a lot you should know…please feel free to contact us at The Expert Real Estate so we can make this an educated move!