With the improving inventory, lower interest rates and less multiple offers, homebuyers are making their way back to the market where there is more selection and less competition to find the perfect home!
Agents of the Northwest Multiple Listing Service (NWMLS) added 7,090 new single family and condo listings to inventory in January (up slightly over 4 percent from the 6,805 new listings reported last year); bringing total inventory at month’s end to 11,687 (up more than 45 percent from last year when the inventory total was 8,037). Inventory is more than double from last year in both King and Snohomish County. Supply is still tight with only 2.4 months supply in the 23 counties served by the NWMLS.
Brokers reported 7,564 pending sales last month, a decline of 3.3 percent from the 7,820 reported at the same time last year. January was still the smallest year-over-year decline since May 2018 when the drop was 2.7 percent. Seven counties had an increase in Pending sales of single family homes and condos including King (up nearly 7.5 percent) and Snohomish (up 3.8 percent).
Figures by the NWMLS show price gains area-wide of just over 5 percent on January’s 4,865 closed sales of single family homes and condos. In King County, prices slipped about 1 percent, from $571,250 to $565,000. When we look at single family homes alone, prices rose area-wide 5.4 percent from the same month a year ago. Prices in the Puget Sound region increased in Kitsap, Pierce and Snohomish counties, yet decreased about 2.9 percent in King County, dropping from $628,388 to $610,000. Condo prices rose slightly, up about 1.6 percent, to a median price of $325,000 for the 645 condos that closed last month area-wide. In King County, where more than half those sales occurred, the median price was $383,500, up slightly from the year-ago number of $380,000.
All-in-all, it seems we’ve adjusted to the new normal with higher but still tight inventory levels and stabilizing prices with a slight upward trajectory…we expect the Spring market to ramp up now that the snow has just about disappeared from the lowlands. Let Hewitt Property Group help you make the right next move!