With interest rates recently dropping below 4 percent, declining inventory and fewer offers compared to the previous month, the market seems to be out shopping during the Holidays! It’s going to be interesting what it does after the first of the year?
Members of the Northwest Multiple Listing Service (NWMLS) added 5,521 new listings to inventory in November; down about 32 percent from October (8,102) and nearly 5.6 percent from a year ago (5,853). Total inventory at month’s end was 20,864; down a little over 11 percent from last month (23,501) and 5.4 percent from November of last year (22,061).
Pending sales jumped 3 percent compared to a year ago (6,624) as members reported 6,821 mutually accepted offers last month; but down 21 percent from the 8,643 reported in October. A majority of the sales reported (76.5 percent) were in King, Kitsap, Pierce and Snohomish County where agents logged 5,220 sales; the best since 2006 when the total for these counties was 5,292. Pending sales in relation to inventory had slowed compared to October but have picked up when compared to November of last year.
The median price for single family homes and condos was $289,000; an increase of 6.6 percent from $271,060 reported in November of 2013. Prices in King County, increased from $379,202 to $399,000 (up 5.2 percent). Kitsap County logged the biggest increase year-over-year last month coming in at 11.4 percent, followed by Pierce County at 10.7 percent and Snohomish County’s 9 percent.
Closed sales were reported at 5,872 units; up 4.5 percent from the 5,616 from the same month last year, yet down 19 percent compared to October’s number of 7,257.
The real estate market can certainly surprise and often does. Just when it seems to be calming, it can return with even more vigor and those on the sidelines all show up at once; which may be what happens after the New Year? Be sure to make The Expert Real Estate a part of your educated decision to move in 2015…you’ll be glad you did!