May 2019 NWMLS Activity

Buyers are excited by the recent lower interest rates and signs are good for them to possibly go even lower in the coming months! With increased inventory and softer prices, it’s best for sellers and buyers alike to align with a seasoned agent to put together a solid game plan for winning in the current market.

Inventory improved over the same time last year by 24.5 percent as agents added 14,689 new listings to inventory in May bringing the total listings at month end to 16,133; 3,177 more listings than last year when we had 12,956. King County had the largest gain of 62 percent yet still under 2 months supply.

Members of the Northwest Multiple Listing Service (NWMLS) reported 12,006 pending sales across the 23 counties it serves nearly matching the 12,168 mutually accepted agreements during the same time last year.

Year-over-year closed sales rose roughly 1.6 percent going from 9,011 in May 2018 to last month’s total of 9,153. Area-wide, prices of single family homes and condos are up nearly 4.8 percent rising from $420,000 to $440,000; looking at a smaller picture, prices are up 3.5 percent from April. In King County, the median price of $645,000 is down less than a percent (down .77 percent) while in Snohomish County, the decline from $478,615 to $476,025 is slightly lower (down .54 percent).

Moral to the story, we are now in our best four months for sales activity…sellers need to be aligned with a top agent to ensure their home is presented in its best light and buyers need the right representation to not miss out on a great fit. Contact Hewitt Property Group for a free, no risk consultation to see how we succeed for our clients more often than others (425-481-8889 or Expert@kw.com).