This may be the best time for house-hunters to purchase a home in the Northwest while inventory is at its highest point in three years, there are fewer bidding wars and interest rates remain historically low!
Members of the Northwest Multiple Listing Service (NWMLS) added 11,994 new listings to inventory in August, up slightly from the same time last year when agents added 11,781. By the end of the month, there were 18,580 active listings in inventory…the highest level since September 2015 when buyers had 19,724 listings to choose from, and up 11 percent from July. King County reported 5,803 listings at month’s end, a 74.3 percent increase from the same time last year when that number was 3,329.
Brokers logged in 10,109 mutually accepted agreements last month, a drop of 14.8 percent from last year when they reported 11,867 pending sales. In the four county Puget Sound region, pending sales for the same time were down more than 20 percent.
The median sales price of the 9,288 closed sales in August of single family homes and condos was $405,000, up almost 6.9 percent from a year ago when the median price was $379,000. For single family homes alone, the median price was $415,000, a 6.4 percent increase from a year ago. King County saw the median price of single family homes in August at $669,000, up 2.9 percent from the year ago number of $650,000 but down from May when that number stood at $726,275…the highest so far this year.
As buyers enter the market to take advantage of the greater selection than previous months, so too should sellers be sure they are priced properly to benefit from these remaining buyers while what’s left of the seller’s market continues. Now’s the best time to have an expert help you navigate these waters…contact Hewitt Property Group for the very best in representation!