After a historical election day many will remember for years to come, inventory levels remain low and interest rates begin to show signs of wanting to climb! We seem to be heading into a strong winter market that mirrors much of what we saw last year; low inventory, a backlog of buyers and historically low interest rates.
Members of the Northwest Multiple Listing Service (NWMLS) added 7,591 new listings to inventory in October bringing the total by month’s end to 15,690 listings; approximately 13.5 percent fewer than in September and about 13 percent fewer than the same time a year ago when we had 18,068 total listings in inventory.
Pending sales (mutually accepted contracts) came in at 9,950; exceeding new listings by 2,359 units…taking all the new listings plus 24 percent more away from the market. In all 23 counties served by the NWMLS, there was only 1.8 months supply of inventory at month’s end; King County came in at 1.1 month with Snohomish County at 1.3 months (20 percent less than a year ago).
Median prices for single family homes and condominiums (condos) rose nearly 8.2 percent from the same time last year; increasing from $318,000 to $344,000. In King County, this number increased 14.6 percent; rising from $432,750 to $495,500. Single family homes alone in October increased 9.2 percent from a year ago; condos increased 7.3 percent.
Agents reported 8,554 closed sales compared to 7,769 at this same time a year ago; an increase of 10.1 percent.
All-in-all, with the continuing tight inventory, the election behind us and the fear of rising interest rates looming; since this market may continue to see signs of rising prices, now may be the best time ever to contact The Expert Real Estate to help you with your next move!