As we see a decline in supply and strong buyer demand, it’s only clear that now may be a great time to sell as buyers are lining up to buy!
There were 17,082 active listings of single family homes and condominiums at the end of January in the 21 counties served by the Northwest Multiple Listing Service (NWMLS) compared to 19,195 during the same month last year (a decline of about 11 percent).
Pending sales of 7,658 last month outpaced new listings of 6,989 by roughly 9.6 percent. When looking back up to 15 years in the four-county Puget Sound area, this is the highest January of record.
Closed sales were up more than 3.7 percent rising from 4,306 units in January of 2013 to 4,467 last month; single family homes made up 3,880 of those units. The median price for single family homes and condominiums was $279,000 compared to $255,055 a year ago; an increase of about 9.4 percent. King County was up just under 6.9 percent from the previous year; increasing from $364,875 to $390,000 year-over-year.
With many new buyers entering the market and many homeowners entering an equity position in their home, your home may be worth more than you think…contact The Expert Real Estate today to get a value analysis of your home’s value; you’ll be glad you did!
As we close out 2014, members reported 102,000 pending sales (mutually accepted agreements) which resulted in 77,726 closed sales (66,716 single family homes and 10,560 condominiums) which surpassed the previous year’s number by 2,209 transactions…an increase of a little over 2.8 percent. Last year’s volume was nearly $28 billion which surpassed 2013 by $2.5 billion; an increase of about 9.4 percent.
Last year’s median price for single family homes and condominiums as reported by the nearly 21,000 members in the 21 Counties served by the Northwest Multiple Listing Service came in at $285,000; compared to $270,000 reported in 2013 (an increase of over 5.5 percent). The median price for single family homes alone increased from $281,000 to $295,000 (up about 5 percent) and condominiums increased from $202,000 to $225,000 (up 11.4 percent).
With the addition of 107,722 new listings to inventory last year compared to 104,000 in 2013 (up just under 3.6 percent), we brought our average inventory count up from 21,946 in 2013 to 22,328 in 2014 (an increase of just over 1.7 percent). Inventory area-wide as measured by month’s supply ranged anywhere from 2.81 months in December to 4.59 months in February; in May, King County plunged as low as 1.52 months and Snohomish County made it down to 2.17 months.
High-end sales of single family homes priced at $1 million or above continued to climb from 1,621 in 2013 to 2,069 in 2014 (up more than 27.6 percent); and 152 sales of condos priced at or above $1 million (up nearly 11 percent from 2013). The highest price single family home sale in 2014 was in Medina for $11.3 million while the highest condominium price was from a high-rise in downtown Seattle for $6.1 million.
As rates are expected to rise, prices continue to climb and the Puget Sound area offers a good fit for those seeking employment, now may be the best time to make a move. We here at The Expert Real Estate are always happy to help…please let us know how we can provide you or anyone you know with the exceptional real estate service and expertise you and they deserve!!