As the summer remains hot, prices continue to sizzle and like our summer, many wonder for how long it will last?
Brokers of the Northwest Multiple Listing Service (NWMLS) added 12,300 new listing to inventory in July, up 122 units (1 percent) from the same time a year ago yet well below June’s number of 13,658. Total listings at month’s end was 15,749; a decrease of 13.9 percent over July of 2016 when we saw 18,287 listings. Measured in months supply there is 1.6 months of inventory to choose from compared to a year ago when there was 1.93 months. Both King and Snohomish County have only about a 3 weeks supply.
In the 23 counties served by the NWMLS, there were 11,800 pending sales (mutually accepted agreements) last month, which was up 1.3 percent from the same time a year ago when members reported 11,645 pending sales. In King County, mutually accepted agreements were down nearly 20 percent.
The median price of July’s 9,707 closed sales was $382,000, up over 9.1 percent from the previous year when the median price was $350,000. The median price of $599,000 in King County was an increase of 18.6 percent from a year ago when that number came in at $505,000. Single family homes alone in King County were up from $555,000 to $658,000 in the same period; an increase of just under 1 percent (.76) from June; could the climb be slowing?
All in all, pending sales fell short of new listings and closed sales were even shorter; which begs the question…is a shift coming or are we just taking advantage of an awesome summer? Having your finger on the pulse is what The Expert Real Estate has been doing well for over 26 years…let us help you make the right choice and contact us today!