Looks like the hope of gaining some traction with inventory is slipping away as pending sales outpaced new listings by over 42 percent. With the recent rise in interest rates and the lowering supply of homes for sale, buyers are scrambling to secure a place to call home!
Members of the Northwest Multiple Listing Service (NWMLS) added 5,779 new units to inventory in November bringing the total listing count by month’s end to 13,303; down 13.2 percent from a year ago.
Pending sales (mutually accepted offers) are at an all-time high for the month of November according to the NWMLS. Members reported 8,217 units of single family homes and condominiums that went under contract for the month. Pending sales in the four-county Puget Sound areas of King, Snohomish, Pierce and Kitsap outpaced new listings by 44 percent.
At month’s end, there was 1.69 months supply of inventory area-wide…believed to be an all time low. For the four-county Puget Sound area, there is only 1.22 months supply; and King County is only showing just under a month (.96 months).
Median price of last months closed sales area-wide was $342,000; up 11 percent from the year-ago number of $308,000. The recent S&P CoreLogic Case-Shiller Indices showed Seattle as the hottest market with the fastest-rising prices in the nation. According to an NAR report, the Puget Sound area is 73,180 units short of demand; staggering.
It becomes more apparent than ever that in order to be successful in such a competitive environment, buyers and seller alike need the very best in representation; let The Expert Real Estate lead you to your success!