As we still experience low supply and high demand, the market continues its upward pressure on prices pushing them even higher! Sellers are enjoying the luxury of their properties being worth more than they had expected and possibly being allowed to stay in the home for a short time after closing to help with coordinating their move to the next home.
Agents of the Northwest Multiple Listing Service (NWMLS) added 10,648 new listings to inventory in April; down from the 11,939 reported at the same time last year. There was 10,679 total listings in inventory in the 23 counties served by the NWMLS at month’s end; an increase of over 9 percent from March when 9,774 was the number reported.
Inventory stands at about 1.5 months supply area-wide compared to 1.85 months supply a year ago. The market has not seen more than 2 months supply since September of 2016.
Pending sales last month came in at 10,514 units; just shy of wiping out the entire new inventory that had just hit the market. The first four months of 2014 saw pending sales down 8.5 percent from the same four months last year yet new listings are down 24.3 percent in comparison. Closed sales of 7,276 units was reported.
Median prices for all the areas represented by the NWMLS were up 10.4 percent from a year ago ($325,990 to $360,000). The four-county Puget Sound region (accounting for 77 percent of all sales) saw a jump of 14.7 percent. Snohomish County was up 16.7 percent climbing to $416,668.
Well it looks like this sellers market may be here to stay a while longer with buyers working through the maze to find their next home. It’s more important than ever to make sure you have a professional on your side that knows the market and can represent you the very best in navigating this unique set of circumstances; we here at The Expert Real Estate have done this better than most for over 26 years…let us help you with your next move!