While we enter into the Fall market season, strong job growth and great interest rates seems to be keeping the market on a steady pace yet multiple offers are down in some areas and many offer review dates came and went without any offers being made.
The Median price in the 23 Counties served by the Northwest Multiple Listing Service (NWMLS) increased 8.3 percent since August of last year and in King County, that number was 17 percent.
Members reported 11,867 pending sales (mutually accepted contracts) last month, which was down .09 percent from a year ago and just beat out our newly added inventory of 11,781 by 86 units. Total inventory at month end was 15,987 units.
The 1.55 months supply of inventory in August was down slightly from July (1.62 months) and even more from the same time last year (1.9 months). King County was the tightest inventory at only .93 months of supply.
Looking at the high-end luxury market, year-to-date we saw 3,727 single family homes selling for more than a million dollars compared to 2,456 for the same eight months last year; a jump of nearly 52 percent.
It is expected that inventory will drop in the coming months and buyers will have their best opportunity to shop in order to be successful in purchasing a home. Be sure to get the right advice when selling and buying to navigate the market successfully; contact us at The Expert Real Estate…you’ll be happy you did!