“Stabilizing” is the key word being used to describe the current market. After quite a run up from the bottom of the correction in November of 2011, the market has seen double digit appreciation in some years that followed. Not is the case now; double digit appreciation is gone in most areas and prices are looking to build a base before they will, hopefully, start back up.
Members of the Northwest Multiple Listing Service (NWMLS) added 10,054 new listings to inventory in August (down about 1.2 percent from the year ago number of 10,172) for a total inventory of 27,060 active listings (up about 2.4 percent from a year ago when we saw 26,433 active listings). Iinventory still appears to be increasing.
The median price of single family homes and condominiums increased to $287,500 from $283,000; a 1.6 percent area-wide gain from August of last year. In King County, the median price was up 1.4 percent from $392,500 to $398,000 which was equal to May’s number but slipped from June ($410,000) and July ($425,000). Single family homes alone had an increase of 2 percent from the previous year ($294,000 to $299,950). The median price for single family homes in King County was $437,000 and a year ago, it was $430,000 (up about 1.6 percent).
Members reported 9,342 pending sales in the 21 counties served by the NWMLS which was a 3.1 percent gain over the previous year where we 9,065 pending sales were reported.
Closed sales outpaced the same period a year ago by only 115 units. Members reported 7,775 closed sales last month, 7,878 in July and 7,841 in August of last year. This represents a decrease of .84 percent from a year ago; and a decrease of about 1.3 percent from the previous month.
All-in-all, a correction is underway and a shift is evident. Will it remain; and if so, for how long? Will the correction hurt or help the market? Feel free to contact The Expert Real Estate to determine how this may affect you and if now is the right time to buy and/or sell. We always look forward to serving your needs!