Buyers continued to struggle last month as the unrelenting decline of inventory, rising prices and rising interest rates worked to make finding a suitable home an even greater challenge!
Members of the Northwest Multiple Listing Service (NWMLS) added 4,217 new listings to inventory in December bringing the total supply of listings at month end and year end to 10,571; this is an average of 1.4 months supply of inventory for the 23 counties being served by the NWMLS while both King and Snohomish County reported less than a month of inventory.
Pending sales outpaced new listings by 2,184 units (just shy of 52 percent) as brokers reported 6,401 mutually accepted agreements during December; up 7.2 percent from a year ago when pending sales came in at 5,970. King County was the highest year-over-year gain at nearly 11.3 percent while Snohomish County showed only a 3.2 percent increase.
The median price for single family homes and condominiums was up 9.2 percent from a year ago; rising from $315,000 to $343,950. In King County, prices were up 12.2 percent; rising from $450,000 to $505,000…single family homes alone were at $550,000 (unchanged from October and November) yet down from June when single family homes in King County was at a staggering $573,522.
Agents logged 7,575 closed units in December; up 6.8 percent from a year ago when that number stood at 7,091.
All-in-all, sellers should take advantage of this opportunity to realize substantial gains in equity before rises in interest rates and/or inventory causes thee numbers to relax along with prices. Whether you’re a buyer and/or a seller, now would be the perfect time to contact The Expert Real Estate to weigh your options!