Summer is quickly approaching and with it will hopefully bring a lot of sunshine and more inventory to the local real estate market! Sellers are still in charge as buyers work diligently to secure a home amongst the competition.
Members of the Northwest Multiple Listing Service (NWMLS) added 11,939 new listings to inventory in April which outpaced the previous year (11,495) by 444 listings. Total inventory at the end of April stood at 14,235; a drop of 21.5 percent from a year earlier when that number was 18,132. Inventory for single family homes alone was down 21 percent while inventory for condos is down 28 percent.
There were 11,407 pending sales last month; just slightly above the 11,384 reported in April of 2015…also, less than the number of new listings added to the market. Possibly a good sign that inventory may be ready to start to regain some ground! There is a 1.85 months supply of inventory, an improvement over March when we saw a 1.79 months supply but still significantly down from the 2.36 motnhs supply from April of last year. King County is coming in at only 1.1 months supply.
Prices in the 23-counties served by the NWMLS showed a moderate increase year-over-year of 5.5 percent; the lowest we’ve seen since December of 2014. The price for a single family home in King County was up 12.5 percent to $540,000.
Agents reported 7,705 closed sales last month compared to 7,696 at the same time last year; a gain of only 9 units.
All-in-all, the market appears to be searching for some balance and hopefully will find it in the coming months; meanwhile, buyers will have to work smarter to secure their purchase and who better than The Expert Real Estate to help make that happen!