While home buyers are celebrating the uptick in inventory, prices continue to rise and mortgage rates continue the threat of increasing further.
Brokers of the Northwest Multiple Listing Service (NWMLS) added 11,271 new listings to inventory in April, a gain of 6.3 percent over March and a gain of 5.9 percent from the same time a year ago. At month end, active listings of single family homes and condos stood at 10,079 units; a growth of 1,254 listings from March’s total of 8,825. King County inventory grew 13.6 percent from a year ago.
In the 23 counties served by the NWMLS, there is a 1.3 month supply of inventory; King, Kitsap, and Snohomish County reported less than a month supply. The condo segment area-wide has just slightly over 3 weeks supply (.87 months).
Median prices for single family homes and condos year-over-year area-wide jumped 15.3 percent; climbing from $360,000 to $415,000. King County showed the biggest gain of nearly 18.2 percent; climbing from $550,000 to $650,000 while the median price for homes and condos in Snohomish County came in at $475,000.
Pending sales came in at 10,574 (697 units under new listings added) and closed sales were reported at 7,726.
As higher interest rates calm home price appreciation for sellers and increasing inventory provides some slight relief for home buyers, sellers and buyers alike should be encouraged to work with a broker who understands the current market and can guide both to a successful closing. Let Hewitt Property Group help you make your next move!