August 2019 NWMLS Activity

Buyers are flowing outside of King County for home purchases due to the shortage of inventory in the Seattle area market and the better pricing that can be had in both Pierce and Snohomish Counties!

Members of the Northwest Multiple Listing Service (NWMLS) reported a decline in new listings taken during the month of August; down almost 13 percent in the 23 counties served by the NWMLS from the same time last year and down 18.5 percent in King County. Last month’s total number of new listing taken was 10,488, a decline of 6.3 percent from July’s 11,193. Total listings at system-wide at month’s end was 16,697; a decrease of 10 percent from a year ago (18,580).

Brokers reported 10,602 mutually accepted offers (pending sales) in August for a 4.9 percent increase year-over-year. Pending sales in just the Puget Sound region was up nearly 6.6 percent with Snohomish County leading the charge with an increase of 15.8 percent.

The median price for single family homes and condos sold in King County last month ($615,000) was up slightly higher than the same time last year ($610,000). Snohomish County saw an increase from August ($470,000) of 1.8 percent from last year’s number ($461,832). Pierce County’s median price of $369,000 is up 6.1 percent from a year ago and $246,000 less expensive than King County. Prices of single family homes alone system-wide is up 6 percent while condo prices are only up 2 percent.

Agents of the NWMLS closed 9,392 transactions last month.

With Snohomish County seeing a nearly 16 percent jump in pending sales over the same time last year, it’s certain that the secret is out on the outlying areas of Seattle being more affordable and a sound alternative to living downtown. Now’s a great time to be sure you have an expert on your side of the table, contact Hewitt Property Group for the best representation!