The saga continues; lack of inventory continues to drive multiple offers and inflated sales prices in the general Puget Sound area, which makes for a great time to be a seller and a much more challenging time to be a buyer!
Members of the Northwest Multiple Listing Service (NWMLS) added 10,511 new listings to inventory in March compared to 10,505 at the same time a year ago; taking the total inventory count to 12,653 by month’s end (a decrease of 25.6 percent from the previous year’s 17,007 active listings in the same month).
There were 10,900 pending sales (mutually accepted contracts) last month, which came in 500 less than a year ago (a decrease of roughly 4.5 percent). In the four-county Puget Sound area, pending sales were down about 6 percent.
The median selling price of single family homes and condos was $320,000; an increase of 9.4 percent from March of last year when that number stood at $292,500, and an increase of 4 percent as compared with February. In King County, prices jumped 11.5 percent from $411,200 to $458,450. For single family homes alone, prices area-wide were up 8.7 percent from a year ago and in King County, leaped 20.7 percent from the previous year ($440,250 to $531,250). Condo prices area-wide were up roughly 14.6 percent ($240,000 to $275,000).
Brokers reported 7,075 closed sales of single family homes and condos last month for an increase of 4.5 percent from a year ago when agents reported 6,769.
With inventory challenges and a wish to succeed from either side of the selling and buying frenzy, having the talent and skill required to win for our clients continues at the forefront of our focus; and winning we are!! Make The Expert Real Estate an integral part of your next move and maximize your position; contact us today.