Puget Sound area job growth along with the rising interest rates seen throughout the Country both add to the already tight market supply allowing sellers to enjoy great price appreciation while driving some buyers lower in their choices.
Agents of the Northwest Multiple Listing Service (NWMLS) added 10,595 new listings to inventory in March…slightly more than the same time last year when that number stood at 10,321; although it was a great gain in comparison to February when members only added 7,284 new listings. Inventory at month’s end was 8,825, down nearly 9.7 percent to the year-ago number of 9,772.
Brokers reported 10,311 pending sales (mutually accepted agreements) last month, a slight decrease over last year’s 10,415 pending sales number but a big climb from last February’s 7,980 count.
Area-wide, there is a 1.2 month supply of listings; Snohomish county is the lowest of the 23 counties served by the NWMLS with only .67 months…followed by King County with .83 months.
Prices overall in the NWMLS are up 13.2 percent from a year-ago and higher in the four-county Puget Sound region. The median price for single family homes and condos in King County is $625,000; up 17.9 percent from last year’s number. Single family homes alone in King County are up to $689,950.
Now may be your opportunity to get in before rates go higher and/or get out before higher rates and climbing inventory has a chance to slow any gains. Let Hewitt Property Group know how we can help…we love serving our clients!