January 2017 NWMLS Activity

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!