With the increase in inventory, lenders raising loan limits and price appreciation cooling, buyers should be jumping at the opportunity to buy now since rate increases have slowed for the time being and sellers are more likely to negotiate and possibly offer buyer concessions!
House shoppers this year have more to choose from than this same time last year; figures from the Northwest Multiple Listing Service (NWMLS) showed a 41 percent rise in active listings (from 11,193 to 15,830) over November of last year. Members added 6,399 new listings to inventory last month, up from the 6,098 we showed for the same month a year ago. King County had the biggest gains with its inventory surging 135 percent from a year ago, rising from 1,879 to 4,020, and inventory of condos alone more than tripled, rising from 355 to 1,221. Area-wide, the condo supply more than doubled. Looking at months of inventory, both King County and the entire NWMLS are showing 2.3 months supply.
Pending sales in November were down 10.4 percent from a year ago. Compared with October, they were down 17.5 percent yet not as bad as if we compare the two months from the previous year, November was down 21.5 percent. Closed sales declined roughly 15.3 percent from the same time last year although area-wide prices were still up 4.2 percent in the same period.
Since January, the median price in King County is up about 2.5 percent, in Snohomish County it is up about 4.4 percent and in Pierce County, it is up over 10.2 percent.
Many buyers will be looking for their next home during November through January as the selection is better, rates are still attractive, the sellers tend to be more negotiable and buyers are not tripping over one-another…which makes for a win-win for all involved. Let Hewitt Property Group help you with your next move!