Summer is almost here and the market is already feeling the heat! With sales depleting new inventory and prices continuing to rise, buyers have to find new ways to secure their purchase and sellers are just simply enjoying the fruits of the moment.
Agents brought 12,272 new listings to market in May bringing the total inventory count at month end to 15,198 active listings; a 22 percent decline from a year ago when inventory numbers stood at 19,515.
Pending sales is putting pressure on the inventory numbers as 12,275 mutually accepted agreements were reported last month; 3 more than the number of new listings added and a 7.4 percent increase from the previous year when we stood at 11,425. Our records indicate that May’s pending sales of 12,275 is the highest one-month total going back as far as 2004.
Figures from the Northwest Multiple Listing Service (NWMLS) for May showed only a 1.76 months supply of homes on the market in the 23 counties served. Both King and Snohomish County are hovering around only one month of inventory.
The median price for last month’s 8,630 closed sales of single family homes and condominiums was $339,950; an increase of 7.2 percent from May of 2015 when that number was reported at $317,000. In King County, the median price was up 11.7 percent from $434,000 to $485,000; and for single family alone, that number was up 16.5 percent from $480,942 to $560,000 and condos were up 9 percent. Inventory in King County dropped 29 percent year-over-year.
As a seller or a buyer, skill and knowledge are important elements your agent needs to help you succeed in this challenging market. We’ve found better ways to serve our clients and in many cases, have saved them tens of thousands of dollars in the process. Let The Expert Real Estate help you to win in this market; contact us today!