As prices continue to rise along with dropping inventory levels and the threat of higher interest rates, sellers are in a great spot to take advantage of the market and buyers need to act fast in order to not get left behind.
Members of the Northwest Multiple Listing Service (NWMLS) brought 4,041 new listings to inventory in December, down about 7.5 percent from the same time a year ago when members input 4,367 new listings. Total inventory of 12,522 listings at year-end was down 29 percent from the previous year’s total of 17,659; King County alone experienced a 39 percent decline. Inventory levels in King County are still below one month (0.84), and Snohomish and Pierce County are at 1.13 and 1.76 months respectively.
Pending sales last month also outpacing new inventory by 1,929 units as 5,970 mutually accepted contracts were reported last month; and to add to the depletion of inventory, this was 3 percent higher than pending sales reported in December of last year. Surprisingly, pending sales in King County were down 9.2 percent while pending sales in the two adjoining counties (Snohomish and Pierce) were up in the double digits; mainly because buyers are being priced into these other areas.
Median prices continue to push upwards from $290,000 to $315,000 area-wide, an increase of 8.6 percent. Prices in King County rose from $440,000 to $508,000; an increase of 15.5 percent and breaking the pre-recession record of $481,000 set in July of 2007.
Brokers closed 7,091 sales during December, an increase of 12.8 percent from the same time in the previous year when closings were reported at 6,284 units. For all of 2015, NWMLS members closed 88,831 units, up 14.3 percent from 2014 when that number stood at 77,276 units.
Now, more than ever, buyers and sellers alike need experience on their side of the negotiations table if they are going to maximize their position and who better equipped then The Expert Real Estate; call us today to book your no obligation consultation.