The real estate market is certainly attempting to maintain a footing in the recovery; although it appears to be falling short of its potential. Interest rates remain low, prices seem to be stabilizing and inventory is showing signs of improving.
Members of the Northwest Multiple Listing Service (NWMLS) added 11,437 new listings to inventory last month with single family homes making up 88 percent of that number; an increase of a little over 5 percent from a year ago when members added 10,860. Total inventory rose 6.1 percent last month from July of last year…moving from 25,272 units to 26,813. When we look at the market in month’s supply (ratio of active listings to closed sales), we were relatively stable at 3.4 months’ supply…and a little up from June where we saw 3.35 months. Some areas are more fruitful than others; for example: in King County, there is less than a 2 months’ supply and in the Ballrd/Greenlake and North Seattle areas, we have only enough inventory to last about 1 month.
Last month, there were 9,615 pending sales written… just about .5 percent more than the same time a year ago. Although this number shows a slight increase year over year, about half the Counties showed a decrease. When looking at Pending sales in June (9,909), this number (9,615) represents a decrease of a little over 3 percent.
Members reported 7,878 closed sales in July, for an increase of about 4 percent from June (7,558) and about 1.4 percent from a year ago (7,772). The median price for homes and condos sold last month was $300,000; up slightly from June ($299,335) and up 6.25 percent from July of last year ($282,363). The median price in King County was $425,000; for homes, excluding condos, the median price was $468,000 (up 7.8 percent from a year ago) and condos sold for a median price of $250,000 (up 8.2 percent from a year ago).
As we head towards Fall, the market appears to be slowing; making it very important to be priced right, as a seller, and to not overpay, as a buyer. Let The Expert Real Estate help you find the best fit in this shifting market…it’s our passion!