As the summer heats up, the housing market’s pace of sales is slowing and the number of multiple offers is moderating which may mean the opportunity buyers have been waiting for to swoop in and grab their next home!
In June, we saw 13,658 new listings added to inventory, which was the highest total for any single month since May 2008 (14,176) and up about 7 percent from the same time last year. Total inventory at months end came in at 14,482, which is down 14 percent from a year ago when that number was 16,838; yet when compared to May (12,481), inventory jumped 16 percent.
Brokers of the Northwest Multiple Listing Service (NWMLS) reported 12,397 pending sales in June for an increase of 3.4 percent over June of last year; although pending sales were down slightly from May (12,607).
Prices for single family homes and condominiums were up 10 percent from a year ago rising from $350,000 to $385,000. In the four county Puget Sound region, prices are up about 11.4 percent for the same period. In King County, prices for single family homes alone are up 13.9 percent rising from $573,522 to $653,000.
Last month’s closed sales of 10,094 in June was a first for NWMLS member brokers and beat last year’s number by nearly 3 percent. Sales for the first half of 2017 are up 4.7 percent compared to the first half of 2016.
The increase of new listings coming to the market along with fewer offers for each property gives the current buyers more selection and a better chance to land a suitable property. Strategizing and planning to ensure a better chance to win your next bid or pricing properly to assure the highest and best price for your home are things we here at The Expert Real Estate do well; let us help you with your next move!