November 2019 NWMLS Activity

The Puget Sound area real estate market is still hot despite the low temperatures! Buyers are snatching up the inventory faster than we can replenish it.

In November, brokers reported adding 5,437 new listings to inventory; a drop of nearly 15 percent from a year ago when brokers added 6,399. Current inventory at month’s end stood at 11,366 active listings; down more than 28 percent from November of last year (15,830 units) and down 21 percent from October. We currently have a 1.58 months supply of inventory; the lowest level since December of last year.

Pending sales (mutually accepted offers) of 7,954 were up 7 percent from the same time last year; 2,517 more units than were added to inventory during the same month (see above). Pending sales in King, Pierce and Snohomish counties were up 9.2 percent during the same time.

Agents of the Northwest Multiple Listing Service (NWMLS) reported 7,216 closed sales in November (up 5.5 percent from the year ago number) which boosted the median sales prices to $434,900; taking the median sales price up about 10 percent from a year ago and up 3.5 percent from October.

With low interest rates, decreasing supply and our strong local economy, prices continue to apply upward pressure in the more affordable and mid-price ranges. It’s looking like the real estate market of 2020 may be even stronger than 2019; so buyers and sellers alike are urged to seek advice from a professional who can help them make an intelligent and informed decision…contact Hewitt Property Group today to time your next move!