Now continues to be a great time to be a seller while buyers are taking advantage of the opportunity to purchase when other buyers may be taking time off. With uncertainty around potential tax changes and seasonal slowdowns, both buyers and sellers can benefit from expert advise before making a move!
Members of the Northwest Multiple Listing Service (NWMLS) added 8,466 new listings to inventory last month beating the year-ago number of 7,575 by 11.8 percent, yet pending sales outpaced this number by over 25 percent as mutually accepted agreements came in at 10,586. Total inventory at month’s end was 13,680 which was nearly 13 percent below October’s total last year of 15,690 units.
The median price in the 23 counties served by the NWMLS for October was $373,000; up over 8.1 percent from a year-ago when it was $344,900. For single family homes alone, the median price was $381,000 and in King County, that number was up 17.6 percent from last year going from $625,000 to $735,000. On the Eastside, the median price rose from $768,000 to $845,000 (up 10 percent).
Closed sales of 8,989 in October were up over 5 percent from last year when members reported 8,554 closed units. Overall at month’s end, there was only 1.5 months of supply of single family homes and condominiums available for purchase.
All in all, this may be the best time for sellers to take advantage of the higher prices and make a move while buyers should consider jumping into the market while the competition takes a rest. Whether you’re a buyer or a seller, let The Expert Real Estate help you to make the right choice!