As inventory levels shrink and interest rates remain low, buyers are scrambling to find a home before it slips away and sellers are experiencing top dollar!
Members of the Northwest Multiple Listing Service (NWMLS) that serves 23 counties in Washington State added 6,670 new listings to inventory last month; a decrease of 4.6 percent from a year ago. At month’s end, there were 12,357 active listings that compared to 17,082 in January of 2015; a decrease just shy of 28 percent. One of the hardest hit was condominiums alone, inventory fell dramatically from 1,793 active condo listings a year ago to 1,145 by month’s end; a decline of 36 percent. In King County, condos plunged 42 percent.
Measured as months supply of inventory, there is just under 2.5 months supply last month compared to 3.8 months a year ago; King County has 1.4 months followed by Snohomish County with just under 1.6 months.
With the tightening inventory levels came a tightening of sales, agents reported 7,253 pending sales last month, down from the 7,658 reported in January of 2015 for a decrease of about 5.3 percent. The reduction of inventory is being blamed for this reduction in pending sales.
There were 4,985 closed transaction reported last month compared to 4,467 in the same month from the previous year; a gain of 11.6 percent. The year-over-year median price also increased 7.5 percent; rising from $279,000 to $300,000. Condos alone jumped 16.3 percent while single family homes rose 7.6 percent. Snohomish County showed the biggest gain of 16.6 percent with King County at 11.2 percent.
It seems that prices will continue to rise as inventory levels continue to tighten and interest rates remain low. To see how this may affect you as a buyer and/or seller, contact The Expert Real Estate for a no hassle consultation…you’ll be glad you did.