The real estate market continues to impress as home buyers continue the pace to beat the year ago numbers ahead of the holidays! Sellers are advised to take advantage of these optimal conditions now before more competition enters the market after the first of the year.
The Northwest Multiple Listing Service (NWMLS) saw 8,643 pending sales reported in October compared to 8,875 in the previous month (down about 2.6 percent) but up 6.9 percent from 12 months ago when members reported 8,086. Year-over-year sales of single family homes alone rose more than 7.8 percent while condominiums sales rose less than 1 percent.
Brokers added 8,102 new listings to inventory in October; just missing the number of pending sales by a little over 6 percent. Total inventory at month’s end was 23,501; 3.7 percent fewer than the same month last year when there were 24,391 active listings. At the end of October, we had a 3.24 months’ supply of inventory compared to 3.7 months a year ago; King County weighed in at less than 2 months.
Members reported 7,257 closed sales; up 7.5 percent from October of last year. The median price of the closed sales is also up 7 percent from a year ago as they went from $271,000 to $290,000. San Juan County median prices were up 18.4 percent while Snohomish County was up 17.4 percent, and Condominiums as a whole were up 14 percent (rising from $200,000 to $228,500).
As the Northwest continues to enjoy positive economic forecasts and many homeowners have found their way back to equity positions, the market is showing signs that 2015 may just be the best year yet for real estate. When you’re thinking about your next move, let The Expert Real Estate help you every step of the way!