During the Holidays and into early February may be the best time to buy a home due to the best pricing, less competition and sellers being eager to make a move!
Agents of the Northwest Multiple Listing Service (NWMLS) added 6,098 new listings to inventory in November; a gain of nearly 5.6 percent from the same time last year when agents added 5,776 new listings. Total inventory at month’s end was 11,193 listings; down 2,110 units (nearly 16%) from November of last year when agents reported 13,303 total listings.
Pending sales outpaced new listings last month as members of the NWMLS logged in 8,304 mutually accepted agreements; a 1.6 percent gain over the year-ago number of 8,173. Measured in months supply, there is approximately 1.4 months of inventory in the 23 counties served by the NWMLS; in Snohomish County that number is .89 months and in King County, .79 months.
Home values are still seeing increases; the system-wide median price of $379,000 is up 10.8 percent from the same time a year ago. In King County, the median price of single family homes and condos is up 15.6 percent rising from $497,254 to $575,000…for single family homes alone the median price was $630,750 (up nearly 14.7 percent) and for all condos, the median price was up 17.1 percent (inventory was down 28 percent). New construction condos alone in King County had a median price of $873,490.
Members logged in 8,068 closed transaction in November; up 2.5 percent year-over-year. Sales of single family homes alone rose about 3.3 percent yet condos fell about 2.6 percent (possibly due to the limited selection).
Next year is looking to be another great year for real estate with forecasts for increased activity coming in around 5 percent and home values rising coming in anywhere from flat to a 5 to 8 percent increase. We here at Hewitt Property Group (formerly The Expert Real Estate) are here for you when you need us and have seen better than market results for our sellers and our buyers…contact us today before you make a move!