As interest rates remain low while multiple offers continue and economic forecasts for the Puget Sound area stay favorable, the market continues to crave more inventory.
Brokers for the Northwest Multiple Listing Service (NWMLS) added 9,921 new listings to the inventory in August bringing the total number of homes for sale by month end to 20,749; a reduction of 320 listings from July (21,069) and a 23.3 percent decrease from a year ago (27,060).
Pending sales outpaced the new listings by 682 units as members reported 10,603 mutually accepted transactions compared to 9,921 new listings. Supply, as measured in months supply, gained some ground as it rose to 2.38 months overall compared to the 2.24 months supply reported area-wide in July.
Last month’s closed sales of single family homes and condominiums had a median selling price of $315,000 in the 23 counties served by the NWMLS which was a 9.6 percent increase from August of last year. The median price of single family homes alone increased 14.4 percent and condos increased by 17 percent as condo volumes also rose from 1,026 units to 1,248 (a 21.6 percent increase). In King County, the median price for both sectors was $450,700…an increase of 13.2 percent from a year ago ($398,000); single family homes alone came in at $499,950…which was off from the $500,000 reached in June (believed to be the highest) and condominiums, which made up 60% of all condo sales, rose from $249,950 a year ago to $299,250 last month (an increase of 19.7 percent).
Members reported 8,718 closed sales last month, an increase of more than 12 percent from the 7,775 closings reported a year ago and down about 8.1 percent from July (9,424).
While we head into fall and the market continues along a favorable path, it remains important to stay one step ahead. Here at The Expert Real Estate, our passion is doing right by you…contact us today so we can help you with your next move!