As interest rates remain stable, job growth remains strong, inventory remains low and demand remains high; hold on as the spring market approaches, it’ll be another crazy ride!
Members of the Northwest Multiple Listing Service (NWMLS) added 7,931 new listings to inventory last month; slightly outpacing the previous year’s number of 7,852; at month end, we had 12,107 active listings, a drop of over 25.5 percent from a year ago when we had 16,946 properties for sale. When we look at this number in months supply of inventory, that correlates to about 2.4 months supply.
Pending sales of 9,052 were up 5.3 percent from February of 2015 when brokers reported 8,599 mutually accepted offers. Pending sales are outpacing new inventory by roughly 12.4 percent; a great sign for sellers and not such a great sign for buyers.
Brokers reported 5,029 closed sales last month compared to 4,761 at the same time a year ago; an increase of about 5.6 percent.
As high demand continues, supply remains low and multiple offers remain commonplace; it’s evident more and more why one needs the knowledge and skill provided by The Expert Real Estate to win in this market…contact us today!