Finally it looks like balance is returning to the Puget Sound housing market! Now may be the best time for buyers to buy as we believe interest rates will hit the mid 5’s sometime next year and the next surge of inventory shouldn’t occur until March, making this a great time to go shopping.
Members of the Northwest Multiple Listing Service (NWMLS) added 10,458 new listings of single family homes and condos to the market in September; bringing the total listings at month end to 19,526 (an increase of 22.9 percent from this same time a year ago when we had 15,888 total listings).
In the 23 counties served by the NWMLS, there was a 2.56 months supply of inventory for single family homes and condos combined; below the 4 to 6 months that make up a balanced market. The condo inventory alone stood at .34 months area-wide; this number is still up 70 percent from a year ago).
Pending sales were down nearly 14 percent area-wide as agents reported 8,913 mutually accepted agreements last month, decreasing 1,435 units from the same month a year ago.
Closed sales came in at 7,630 units; down 18.6 percent from the 9,371 units reported at the same time last year. For the first 9 months of this year, closings are down 4.4 percent from the same 9 months of last year.
The median price for last month’s closed sales of single family homes and condos system-wide was $400,000; up from the $381,000 reported a year ago yet down $15,000 (-3.6 percent) from August and down $25,000 (-5.9 percent) from June (this year’s peak so far of $425,000).
Contrary to what’s being reported, this new normal is highly anticipated and healthy for the market as a whole since sellers moving from one house to another have more viable options, buyers have more inventory to choose from and sellers will still sell for a fair market value. Hewitt Property Group is happy to help you make a move before increasing interest rates make it harder to find an acceptable property or increasing inventory causes you to lose traction on your net return…contact us today!