Now that the summer is here, our wish for more inventory may be coming true! For the first time since March of 2010, new listings are up 10.2 percent from the same time a year ago while interest rates remain low in the face of rising prices; this could hopefully be a sign that the market would like to be relaxing.
Members of the Northwest Multiple Listing Service (NWMLS) added 12,759 new listings to inventory in June beating the previous June (2015) by 10.2 percent. Total listings by month end stood at 16,838; a decrease of about 17.2 percent from the previous year when that number was 20,333.
Agents wrote 11,995 mutually accepted contracts last month, an increase of 4.73 percent from June of 2015. In King, Snohomish, Pierce and Kitsap counties, members reported 8,869 pending sales, which was the highest number reported in June since 2005.
System-wide there is only 1.7 months of inventory while King and Snohomish counties are below the 1 month mark. There is 1.82 months supply of single family homes alone and only 1.1 months supply of condos.
Closed sales last month in the 23 counties served by the NWMLS came in at 9,805 with a median sales price of $350,000, an increase of almost 8.9 percent from the same time last year when that number was reported at $321,500.
Median prices in King County soared 13.3 percent from a year ago rising from $450,000 to $510,000. Prices for single family homes alone rose 14.7 percent from $500,000 to $573,522. Condo prices rose close to 22 percent rising from $287,000 to $350,000.
We know that is a lot of information and are here to help you navigate this and any market; we are experienced and have done this much more than your average agent; let The Expert Real Estate help you with your next move…contact us today!