As January comes to a close and you compare it to the same time last year, prices rose double digits, pending sales were up slightly and inventory shortages remained.
Members added 6,805 new listings to inventory last month, an increase of roughly 4.6 percent from a year ago. Total inventory at month’s end stood at 8,037 homes and condos, down nearly 17.6 percent from last year’s January when total inventory was at 9,750 listings.
Agents of the Northwest Multiple Listing Service (NWMLS) reported 7,820 pending sales. In King County, pending sales of 2,282 finally outpaced the new listings count of 2,326 by 44 units. Hopefully, a sign of things to come!
Prices of single family homes and condos rose from January of last year’s number of $327,500 to $363,500; a jump of about 11 percent. In King County, prices rose from $475,000 to $571,250 (up 20.3 percent) and Snohomish County was up about 12.2 percent.
Closed sales of 5,325 units was down roughly 9.3 percent from a year ago; leaving us with approximately 1.5 months’ supply of inventory in the 23 counties served by the NWMLS (system-wide).
All-in-all, it is a great time to sell because of higher prices and may be an equally good time to buy as new owners of real estate seem to also realize a benefit from the climb. When selling or buying, trust Hewitt Property Group to help you make the right move…contact us today, you’ll be glad you did!