The market is beginning to show signs of calming and discouraged buyers seem to be heading back into the market as market indicators suggest a leveling off may be under way while a more balanced market may be in our future. Some industry analysts caution that some of these signs could just be seasonality settling into the market.
Members of the Northwest Multiple Listing Association (NWMLS) added 10,120 new listings to inventory in September which was just shy of 1 percent higher than the year ago number of 10,029. At month’s end, there was 15,888 listings of single family homes and condominiums in the 23 counties served by the NWMLS, a drop of 12.4 percent from a year ago when we saw 18,136 listings.
Pending sales was reported at 10,348 mutually accepted agreements which came in slightly lower than the 10,370 we saw in the same month last year; yet last month’s total was the second fewest reported since February’s 8,209 units.
NWMLS figures show median prices are up more than 12 percent from September of last year, rising from $340,000 to $381,000 although down from the peak of $385,000 reached in July.
Agents closed 9,371 sales last month, which beat last year’s September number of 9,032 by almost 4 percent yet missed August’s number of 10,347 by over 10 percent.
Moral to the story, now may be the best time to buy as fewer compete and sellers might want to consider selling before the momentum shifts any further. For help deciding what’s best for you, feel free to contact The Expert Real Estate for all your real estate needs!