Longer market times are disappointing many sellers looking for that quick sale! Sellers now need to be sure they’re priced competitively or be ready to make quick adjustments as needed.
After seven months of increasing inventory, October saw a pull back as brokers added the fewest properties to the market since this past February. Agents added 8,865 new listings to inventory in October; down from September when agents added 10,458, but up 4.7 percent from the year ago number of 8,466. Last month’s total number of active listings of 18,223 was down 6.7 percent from September but up 33.2 percent from October 2017 when that number stood at 13,680.
In the 23 counties served by the Northwest Multiple Listing Service (NWMLS), there is nearly 2.3 months of inventory, down from September’s 2.5 months number and better than the 1.5 months supply we saw at the same time last year. In King County, we have 2.4 months supply compared to .98 months a year ago. This is still far from a balanced market that is usually defined as 4 to 6 months of inventory.
There were 9,015 pending sales (mutually accepted offers) reported last month, down 14.8 percent from the year ago total of 10,586 but up slightly from September’s figure of 8,913.
Closed sales of 8,005 was a decline of just shy of 11 percent area-wide. For the four county Puget Sound region, the number of closed sales was down 15.3 percent from a year ago yet up 5.2 percent from last month.
NWMLS figures for October show median prices area wide for homes and condos is up nearly 4.6 percent from the same time last year, rising from $373,000 to $390,000. Homes prices in King County are still up almost 8.6 percent from a year ago ($565,000 to $613,509)…so sellers are still experiencing significant price appreciation. Condo prices alone are up 7.8 percent and in King County, which made up over half the condo sales last month, condo sales were up 5.8 percent…climbing from $378,000 to $400,000. The peak median price so far this year for condos in King County was $466,500 attributed to new projects in both downtown Seattle and Bellevue. The median price on new condos built in just King County so far this year is $830,287.
Buyers continue to test the market as they see better prices, less competitors and are wishing to secure a home before the holidays. Sellers, on the other hand, need to price their homes correctly to compete for these pre-holiday buyers. Let Hewitt Property Group help you better understand a winning strategy in this market, contact us at firstname.lastname@example.org or 425-481-8889; you’ll be glad you did!