The real estate market seems to be looking for some kind of normalcy! As the summer continues to be enjoyable and rates continue to remain low, buyers are not as aggressive as they once were and median prices are not seeing the double digit gains they once did. For the right priced property in the major metropolitan areas, multiple offers can still be seen while properties in outlying areas may start seeing an increase in market time and the possibility of a price correction being necessary to draw buyers.
The median price in June for all areas served by the Northwest Multiple Listing Service (NWMLS) was $299,335 which was an increase of 6.9 percent from June of last year when that number was just slightly above $280,000. The last time we saw $300,000 was in August of 2008. King County continues to enjoy the highest median price for single family homes and condos combined; coming in at $410,000 last month (up 7 percent from a year ago). The median price for single family homes (excluding condos) area-wide was $453,500; up from $427,500 a year ago (6.1 percent).
Agents added 11,541 new listing to inventory last month (735 more than June of last year; an increase of 6.8 percent) bringing the total inventory at month’s end to 25,342 (an increase of 7.5 percent in comparison). Supply, as measured in month’s supply, was at 1.8 months in King County, 2.8 months in Snohomish County, and 3.35 months in the 21 Counties served by the NWMLS.
Pending sales are up 4.5 percent from a year ago as agents tallied 9,909 pending sales but down 4.5 percent from May. Brokers reported 7,558 closed sales in June; up 3.3 percent from a year ago and outpacing May by 5.2 percent. It is apparent sales are not rising fast enough to keep up with the increases in inventory!
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