January 2020 NWMLS Activity

We are now in the 3rd month of a trend where we are seeing pending transactions exceeding new listings. Inventory is at the lowest level now then it has been over the past 15 years (7,921 in February 2018) and with the low interest rates, sellers are certainly in the position to benefit from this given the great economy and high buyer demand.

Northwest Multiple Listing Service (NWMLS) Brokers added 6,517 new listings to inventory in January (down 8 percent from the same time a year ago) bringing the total listings in inventory at month’s end to 7,791 active listings of single family homes and condominiums; compared to 11,687 total listings in January of 2019 (down 33.3 percent). Looking at single family homes alone (excluding condos) in King County during the same period, total active listings is down nearly 44 percent and closed sales are up more than 7.1 percent.

Measured in months supply (ratio of active listings to closed sales), the Puget Sound area had 1.54 months of inventory at the end of January. King County showed 1.3 months supply while Pierce County was at only a 1.1 months supply.

During the same time, agents reported 7,388 pending sales (mutually accepted agreements) which is down 2.3 percent from a year ago and 871 units more than new listings added to inventory.

NWMLS members reported 5,074 closed sales during January for an increase of 4.3 percent over the same time last year (4,865). Median prices were up 10.7 percent during the same time ($422,750 compared to  $381,900). The year-over-year increase for King County was a more modest 4.2 percent ($589,950 compared to $565,000).

Be prepared for a very competitive housing market this year with above-average appreciation followed by a surge of buyers that is more intense than usual. We here at Hewitt Property Group can help you maximize your gains and your experience…contact us today!