The hot summer market continues through June in the great northwest as pending sales continue to climb with new listings falling and inventory as a whole nudging upward. This marks the fourth straight month with Pending sales above 11,000.
Brokers added 11,581 new listings to inventory last month; almost the same as June of 2014 when members added 11,541. At month’s end, active listings in the 23 counties served by the Northwest Multiple Listing Service (NWMLS) was tallied at 20,333; a gain of 818 over the previous month yet a drop of 19.8 percent from the same time a year ago when active listing were at 25,342.
When we look at inventory in months supply, the NWMLS overall has about 2.2 months supply with King County at less than 1.2 months supply and Snohomish County at 1.7 months supply.
Pending sales came in at an impressive 11,453; the highest number since August 2005 when members reported 11,546 mutually accepted offers.
The area-wide median price for single family homes and condominiums last month was $321,500; up 7.4 percent from a year ago when the median price was $299,335 and up 1.4 percent from May ($317,000). Prices are up 13.6 percent since the beginning of the year. In King County, the median price for single family homes and condominiums last month was $450,000 compared to $410,000 at the same time last year (up 9.8 percent) and up 3.7 percent from May; single family homes alone were up 10.3 percent from last year ($453,500 to $500,000).
Members reported 9,163 closed sales last month; a gain of just over 11.3 percent from May (8,229).
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