Pending sales are down double digits in King County due to fewer homes for sale as opposed to less people buying. There is a huge discrepancy between supply and demand thus causing prices to continue to rise with multiple offer situations in many markets.
Agents of the Northwest Multiple Listing Service (NWMLS) added 4,053 new listings to inventory in December (almost 4 percent fewer than this same time last year) bringing the total inventory count at month’s end and year end to 8,553 units (just over 19 percent fewer than last year).
Members logged 6,198 pending sales (mutually accepted contracts) last month; a decrease of over 3 percent from this same time a year ago when that number came in at 6,401. In either event, this number far exceeds new inventory by almost 35 percent; which begs the question, how can we increase inventory when we are depleting it at an ever-increasing rate.
In the 4-County Puget Sound region, King County saw the sharpest year-over-year median price increases at nearly 16 percent as prices jumped from $505,000 to $585,000 for single family homes and condos combined. For single family homes alone, that jump was 15.5 percent going from $550,000 to $635,000 at year end. Condo prices were up 28 percent rising from $315,000 to $402,000 while inventory of the same fell more than 40 percent (346 to 206 units); surprisingly leaving only about 10 days of supply (0.35 months of inventory).
NWMLS statistics showed prices rising system-wide 11.4 percent for the 7,642 closed transactions.
With the strong sales numbers and challenges facing inventory, it will be interesting to see what happens in 2018 with both. In any event, prices are forecasted to continue going up as our economy remains strong, interest rates remain low and demand for housing persists. Now, more than ever, is a great time to weigh your options for either buying or selling and no better place to start than contacting Hewitt Property Group today!