Brokers are feeling a shift in the market with more choices and less competition for buyers and longer market times with occasional price corrections for sellers.
Agents of the Northwest Multiple Listing Service (NWMLS) added 13,153 new listing to inventory in June; a slight drop from a year ago when agents added 13,658 and from May when 14,524 new listings were added. At month’s end, there were 15,234 total active listings and 1.5 months of supply; this was its highest level since this past October. Active listings in King County was up 47 percent from this same time last year; a significant jump.
Median prices from June of last year were up over 10 percent in King County and up just shy of 15.5 percent in Snohomish County; yet King County was down 1.6 percent from May ($726,275) to June ($715,000). 20 of the 23 Counties served by the NWMLS experienced year-over-year double-digit increases in median prices, while Grant, Kitsap and Skagit counties each had gains under 6 percent. With over 100,000 net new jobs being created annually in the Northwest and less than 30,000 new homes being built, these trends are likely to continue.
Pending sales were down in the four county Puget Sound area region (King, Kitsap, Pierce and Snohomish counties) by nearly 11 percent from a year ago. Area-wide, pending sales were down 8.4 percent and closed sales were down .07 percent from this same time last year.
All-in-all, inventory is up and demand is down! It is critical that now, more than ever, both sellers and buyers alike need experience in their corner and who better than Hewitt Property Group to represent your best interests; contact us today!