Tis the Season to be Jolly; especially as a seller with the low inventory and as a buyer with less competition from other buyers. With interest rates remaining low and less competition, now may be a great time to make a move!
Agents across the 23 counties served by the Northwest Multiple Listing Service (NWMLS) added 5,268 new listings to inventory in November, 253 fewer than the same time a year ago; bringing the total inventory to 15,327…a decline of roughly 26.5 percent from the same time last year (20,864). Many clients are talking about listing after the New Year, which could change the landscape yet again.
Members reported 7,511 pending sales (mutually accepted agreements) last month, which outpaced last year’s 6,821 pending sales by 10 percent; condo sales were up over 21 percent while single family homes were up about 8.5 percent from a year ago.
There were 5,999 closed sales in November compared to 5,872 a year ago for an increase of 2.2 percent.
The median price on single family homes and condominiums closed last month increased roughly 6.6 percent from a year ago ($289,000 to $308,000). Single family homes alone increased about 5.7 percent during the same time ($299,000 to $316,000) with condo prices climbing 17.8 percent ($225,000 to $265,000).
If you’re looking to get in on this great time to buy or sell, let The Expert Real Estate coordinate your next move; you’ll be glad you did!