As inventory levels increase and the gain in prices begins to show signs of softening, the market appears to be heading into a shift. And with the Feds signaling a desire to raise interest rates, the next 30 days may be the best time for buyers to find a home.
Agents added 10,047 new listings to inventory in September, beating last year’s number by 1,275; an increase of 14.5 percent. Total inventory at month’s end in the 23 counties served by the Northwest Multiple Listing Service (NWMLS) stood at 18,136 active listings; down 8 percent from a year ago. Area-wide, supply slightly improved from August; rising from about 1.9 months supply to 2 months.
Median prices rose nearly 9 percent from this same time last year; rising from $312,000 to $340,000; yet down about $10,000 from August. In King County, the median price dropped from $550,000 in August to $538,000 in September; although compared to one year ago, the median price rose 9.7 percent for single family homes and 16.4 percent for condos.
Pending sales last month outpaced new listings by 416 units; brokers reported 10,463 mutually accepted offers for a 9.3 percent increase from the same time last year. Closed sales came in at 9,032; a decrease of over 7.5 percent from August (9,767 units).
The shift is upon us, which has some sellers wondering if they’ve missed the market. If you’re thinking of making a move, now is a great time to begin the discussion and strategize so you can stay ahead of the market and what better move than to contact The Expert Real Estate today!