The market may be entering a shift as we see inventory levels increasing and home prices rising, but not at such a robust pace!
July’s market activity shows new listings came in over 12,000 for the third straight month. Agents added 12,178 new listings to inventory last month compared to 11,198 during the same time a year ago; for an increase of over 8.7 percent. Total active listings at month end was 18,287 compared to 21,069 last year; a decrease of 13.2 percent.
Members of the Northwest Multiple Listing Service (NWMLS) reported 11,657 pending sales last month; fewer than June when members reported 11,995 and not quite outpacing the number of new listings added to market.
The median price for July’s 9,466 closed sales of single family homes and condos was $350,000; a 9.6 percent jump from a year ago when that number was reported at $319,250. King County came in at $505,000; a 15 percent jump from the year ago number of $439,000 though down slightly from $510,000 reported for June.
While home prices show signs of slowing and inventory levels continue to rise, it’s only a matter of time when rates will start heading up to cause prices to slow even further. Now may be the best time to sell and buyers should feel relieved that the crazy market may be heading back to normal. Let The Expert Real Estate help you with your next move; you’ll be glad you did!