As summer begins, buyers continue to make multiple offers on properties near the major metropolitan areas while many would-be sellers still await a better selection before making a move.
Last month, members of the Northwest Multiple Listing Service (NWMLS) added 11,862 new listing to inventory bringing the total inventory count at month’s end to 19,515; a decrease of more than 18 percent over May of last year when members reported 23,917 active listings. Inventory as represented in months supply shows King County at 1.2 months and Snohomish County at 1.6 months; many core areas in Seattle show less than a month.
Pending sales came in strong last month increasing by more than 10 percent from the same time last year as agents logged 11,425 accepted offers compared to 10,373 the previous year; up slightly from April’s count of 11,384. In the four county Puget Sound Region (King, Kitsap, Pierce and Snohomish County), agents reported 8,620 pending sales last month which was the highest May on record dating back somewhere over 15 years.
May’s closed sales of single family homes and condominiums came in at an impressive 8,229 units with a median price of $317,000…compared to 7,187 units with a median price of $285,000 at the same time last year; an increase of 1,042 units (almost 15 percent) and a median price increase of over 11 percent.
The luxury home market (single family homes priced over $1 million) closed an impressive 887 units so far this year; an increase of more than 27 percent compared to the same time last year when members reported 696 units. This is great news for the luxury home market.
As the real estate market becomes more challenging and prices still point upward, it’s more important than ever to leverage every advantage you can and with The Expert Real Estate, you can relax in knowing you’ve done just that. Let us help you strategize your next move!