Looks like the market can’t figure out if it wants to go down or keep going up! After closely monitoring signs of a correction, September numbers this year are encouraging from last as inventory levels are looking to come back down and sales still want to prop back up.
Members of the Northwest Multiple Listing Service (NWMLS) added 8,878 new listings to inventory bringing the total number of listings in September to 25,717; down 1.2 percent from a year ago and down over 5 percent from last month.
Pending sales surged more than 13 percent last month over the same time last year as members reported 8,875 mutually accepted agreements; yet it missed the August number by a little over 5 percent.
Closed sales of 7,020 were up 4.6 percent from a year ago when members reported only 6,711 and down around 10.7 percent from the previous month.
The median price for closed sales of single family homes and condominiums last month was $285,000 compared to the year ago figure of $278,000; an increase of about 2.5 percent. Five counties reported double-digit gains (Grant, Jefferson, Kittitas, Lewis, and San Juan) and King County was up 9.1 percent. The median price for single family homes alone was up 2.2 percent (rising from $291,000 to $297,500), and in King County, it was up an impressive 9.5 percent.
As the Puget Sound continues its economic recovery and interest rates remain low, the prospects for the local real estate market remain strong. If you’re looking to make a move, let The Expert Real Estate help you make the right choice!