As buyers continue to purchase real estate faster than agents can replace it, inventory levels remain low and multiple buyers are still competing to win properties at a high rate!
Brokers added 6,507 new listings to inventory last month, a decrease of 2.5 percent from a year ago when agents added 6,670. There were 9,752 active listings by the end of January, a decrease of 21 percent from the year ago number of 12,357. When measured in months supply; there is 1.7 months supply in the 23 counties served by the Northwest Multiple Listing Service (NWMLS) and less than a month in both King and Snohomish County.
Pending sales came in at 7,745; depleting inventory further since that was 1,238 more mutually accepted agreements than we added inventory to replace them.
The median price for single family homes and condominiums system-wide was $327,175; up 9 percent from the same time a year ago when that number stood at $300,000. The price for single family homes alone increased from $309,950 to $338,000 (up 9 percent); and in King County, went from $490,970 to $525,000 (up over 6.9 percent).
Closed sales for January were 5,874; 889 more closed sales from the previous year for an increase of 17.8 percent.
In this challenging market, experience will help with a win in almost every situation…so put winning with The Expert Real Estate at the front of your game plan by contacting us today; you’ll be glad you did!