Multiple offers, for the most part, are a thing of the past! Recent figures from the Northwest Multiple Listing Service (NWMLS) show year-over-year improvement in inventory of 6.5 percent with modest drops in pending sales (down over 7 percent) and closed sales (down 3.4 percent) in the 23 Counties it serves.
The total number of active listings at month’s end in July was 16,773, the largest volume since September 2016, and 1.8 months of supply…the highest since October 2016. Since March in King County, inventory has nearly doubled…going from 0.8 months to 1.5 months of supply. King County’s inventory in July has climbed nearly 48 percent from a year ago, going from 3,465 to 5,116. In Snohomish County, it has climbed 15.8 percent.
NWMLS data shows pending sales declined from 11,800 a year ago to 10,965, a decline of 7.1 percent. Prices for single family homes only rose 8.4 percent with condos alone rising 10.2 percent; in King County…that number for condos rose nearly 12 percent.
Agents reported 9,379 closed sales in the month of July compared to 9,707 at the same time last year (a decline of about 3.5 percent). Data shows a 32.5 percent increase in the closed sales of homes priced at $2 Million or more so far this year as compared with the first seven months of last year (up from 477 to 632 closing of homes and condos in this price arena).
All-in-all, now is a great time to be a buyer with the increased inventory and the decline of multiple offer situations; yet seller need to be sure to hire a true professional in order to optimize their return on their investment…your best next move would be to contact Hewitt Property Group and let us handle the rest!