The market continues to run hot as we near the start of summer in the Northwest with buyers acting on properties right after they get listed for sale and sellers often fetching much more than list price!
Members of the Northwest Multiple Listing Service (NWMLS) added 11,495 single family homes and condominiums to the market in April; a little over 9.4 percent more than the previous month (March) and 452 more than a year-ago. Total inventory at month’s end was tallied at 18,132; a drop of more than 15 percent from a year-ago when the total was 21,390.
Pending sales rose 18.7 percent from a year-ago as members reported 11,384 mutually accepted offers compared to 9,590 in April 2014. With inventory dropping more than 15 percent and pending sales increasing close to 19 percent, it’s no wonder prices are climbing and buyers are scrambling to purchase.
There were 7,696 closed sales across the 23 counties served by the NWMLS; an increase of 24.3 percent from a year-ago when the number reported was 6,190. Pierce County saw a 38 percent increase followed by Snohomish County at 35 percent.
The median price for single family homes and condos last month was $309,000 which was an increase of 12.4 percent from April of last year when the median price was $275,000. For single family homes alone, the median price rose 11.3 percent from $287,500 to $320,000 and condos rose almost 13.8 percent.
All-in-all; with rates expected to rise, home prices climbing and inventory levels decreasing…now may be the very best time to sell and buyers should hurry up and buy before they see their buying power diminish. Get in touch with The Expert Real Estate soon for the best possible representation and more know-how then the vast majority of agents.