Is the market seeing signs of a shift as more listings hit the Northwest Multiple Listing Service (NWMLS) in May than we saw in the last decade?
New listings saw the largest increase in a decade as agents added 14,524 new listings to inventory in May; the first time we surpassed 14,000 since May of 2008. A climb of nearly 29 percent from the 11,271 added in April. Total listings at month end stood at 12,956.
Pending sales were logged in at 12,168 during May, a decline of 2.7 percent from a year ago when members reported 12,511 pending sales.
Median prices of single family homes and condos that closed in the 23 counties served by the NWMLS was up nearly 11 percent, rising from $378,475 to $420,000. In King County, prices rose from $560,000 to $650,000; up just over 16 percent…single family homes rose from $633,500 to $726,275 (up 14.64 percent).
Closed sales were down slightly from 9,106 a year ago to 9,011; down a little over 1 percent. Compared to April number of 7,726, closed sales are up 16.6 percent.
More new listings creates an opportunity for buyers to get off the sidelines and step in as there may be an excellent opportunity to pick up a house without the threat of multiple offers. Sellers may need to re-evaluate an exit strategy to keep one step ahead of any shift that may be heading their way. In either event, most rely on a trusted and proven professional to help them navigate these waters; Hewitt Property Group is there as you need us…contact us today!