Although inventory levels are up, the market is still lacking when it comes to aggressively priced properties in the most sought after areas!
May’s total listing inventory for single family homes and condominiums over the 21 Counties served by the Northwest Multiple Listing Service (NWMLS) was 23,917 as members added 12,605 new listings to the inventory. This total number represents a 9 percent increase from the year ago total of 21,943; and a 10 percent jump in the new listings added from the previous month. Inventory, as viewed in month’s supply, slipped in Snohomish County from April at 2.47 months to May with 2.37 months; and in King County, from 3.46 months to 3.33 months.
Pending sales rose last month as members reported 10,373 mutually accepted offers and outgained the year ago number by 328 transactions; or 3.3 percent. This is the first time in twelve months we have been over the 10,000 transaction mark.
Closed sales in May were down 2.2 percent from May of last year, but up 16.1 percent from April of this year. Members of the NWMLS logged 7,187 closed sales of single family homes and condominiums to bring the median price to $285,000; up 3.6 percent from a year-ago when it was $275,000.
All-in-all; it seems the rise in the median price is beginning to slow, inventory levels are beginning to rise and pending sales are beginning to outpace both. Let us here at The Expert Real Estate help you with your next move!