Just when we thought inventory levels were beginning to climb, August pending sales rallied to outnumber new listings added. If inventory levels shrink as interest rates remain low, there will continue to be upward pressure on prices.
Members of the Northwest Multiple Listing Service (NWMLS) added 11,411 new listings to inventory last month bringing the total listing count at month’s end to 18,336; an increase of 11.6 percent from a year ago.
Pending sales outpaced new listings for the first time in the past two, almost three, months just when it seemed we were starting to catch up. Brokers reported 11,898 pending sales (mutually accepted contracts) during August outpacing the year ago number of 10,603 for a gain of 12.2 percent. In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), there were 8,628 pending sales, which was the best August since 2005 when members wrote 8,874 accepted contracts.
The median price for single family homes and condominiums from last month’s closed sales of 9,767 units was $350,000 in the 23 counties served by the NWMLS; up more than 11 percent from the same time last year. In King County, the median price of it’s 3,656 closed units was just under $500,000; a gain of nearly 11 percent from a year ago when we saw that number at $450,700 but just below July’s reported $505,000.
It may now be more important than ever to hire a professional that understands the market and knows how to always represent your best interests; here at The Expert Real Estate, we pride ourselves with both…let us know how we can help!