April 2021 NWMLS Activity

The madness continues though there are some signs of it getting better! We are seeing sizeable increases in new listings compared to a year ago along with reports of moderating prices in some areas. There is still a backlog of home buyers which will help keep the market in a state of quick responses to the newest resale listings.

Brokers of the Northwest Multiple Listing Service (NWMLS) added 12,043 new listings to market in April; up 56 percent from the same month a year ago and up 14 percent from March. Inventory at month’s end stood at 5,616 total listings which was a drop of 45 percent from April of 2020 when inventory stood at 10,282 units. Area-wide, there is only 0.64 months of inventory in the 26 counties served by the NWMLS and even less (0.57 months) in the four county Puget Sound region.

Pending sales continued to surge which continued to deplete inventory. Agents reported 10,583 mutually accepted agreements in April; up nearly 47 percent from a year ago when they logged 7,207 agreements. Last month’s pending sales dipped 2.58 percent from March.

While inventory remains low, prices are still climbing. There were 8,791 closed sales of single family homes and condos in April; nearly 50 percent higher than the same time last year when there were 5,866 completed transactions. Year-over-year prices surged 25 percent from $452,030 to $565,000. Nearly every county had double-digit gains.

As long as supply remains low along with interest rates, it is very likely prices will continue to go up and activity will remain brisk though there are some reports of overly aggressive sellers over-pricing their properties and missing the market; ultimately resulting in having to lower their price. Let Hewitt Property Group help you professionally compete in this challenging market; contact us today!