As Snowmageddon has come to an end in the Northwest, the market is coming back on track for a strong spring with lower interest rates and a greater selection of homes (compared to last year yet still realistically low at only 2.2 months supply area-wide)!
Brokers of the Northwest Multiple Listing Service (NWMLS) added 6,247 new listings to inventory in February; bringing the total listings at month end of single family homes and condominiums to 11,275 (a jump of 42.3 percent from the year ago number). Pending sales last month dropped nearly 14 percent compared to the same time last year.
Area-wide median prices for the 5,145 sales of single family homes and condos that sold last month were up 5.7 percent from a year ago, rising from $385,000 to $407,000; compared to January, prices are up 6.6 percent. Single family homes alone increased 6.6 percent and condos were up 1.3 percent. In King County, prices were up 2.4 percent from a year ago with the median selling price jumping $14,000 from this same time last year, from $590,000 to $604,000; compared to January, prices are up 6.9 percent.
We still have low inventory with many homes going under contract faster again from strong traffic at open houses and multiple offers on those homes that were correctly priced from the start. Buyers and sellers alike are encouraged to align with a professional that knows the market and get pre-approved by a lender then be pro-active with your broker until the perfect home is found; Hewitt Property Group is happy to help you with your next move…contact us today!
With the improving inventory, lower interest rates and less multiple offers, homebuyers are making their way back to the market where there is more selection and less competition to find the perfect home!
Agents of the Northwest Multiple Listing Service (NWMLS) added 7,090 new single family and condo listings to inventory in January (up slightly over 4 percent from the 6,805 new listings reported last year); bringing total inventory at month’s end to 11,687 (up more than 45 percent from last year when the inventory total was 8,037). Inventory is more than double from last year in both King and Snohomish County. Supply is still tight with only 2.4 months supply in the 23 counties served by the NWMLS.
Brokers reported 7,564 pending sales last month, a decline of 3.3 percent from the 7,820 reported at the same time last year. January was still the smallest year-over-year decline since May 2018 when the drop was 2.7 percent. Seven counties had an increase in Pending sales of single family homes and condos including King (up nearly 7.5 percent) and Snohomish (up 3.8 percent).
Figures by the NWMLS show price gains area-wide of just over 5 percent on January’s 4,865 closed sales of single family homes and condos. In King County, prices slipped about 1 percent, from $571,250 to $565,000. When we look at single family homes alone, prices rose area-wide 5.4 percent from the same month a year ago. Prices in the Puget Sound region increased in Kitsap, Pierce and Snohomish counties, yet decreased about 2.9 percent in King County, dropping from $628,388 to $610,000. Condo prices rose slightly, up about 1.6 percent, to a median price of $325,000 for the 645 condos that closed last month area-wide. In King County, where more than half those sales occurred, the median price was $383,500, up slightly from the year-ago number of $380,000.
All-in-all, it seems we’ve adjusted to the new normal with higher but still tight inventory levels and stabilizing prices with a slight upward trajectory…we expect the Spring market to ramp up now that the snow has just about disappeared from the lowlands. Let Hewitt Property Group help you make the right next move!
As we bring the 2018 real estate market to a close in December…the holidays, shifting consumer confidence, slower activity and fluctuating interest rates have contributed to the changes we’ve experienced yet we are still in a seller’s market with added buyer support as inventory has dipped below a two months supply; the first time since July (4-6 months is considered a balanced market) yet nothing like the crazy multiple offer and under a month of inventory market we saw in our not-too-distant past.
Members of the Northwest Multiple Listing Service (NWMLS) saw 3,631 new listings of single family homes and condos added to the market in December (10.4 percent fewer than a year ago) bringing the total active listings at month’s end to 12,275 (up from 8,553 from a year ago). The 12,275 active listings was down from November when we reported 15,830 active listings; and down from 2018’s peak in September of 19,526 units.
Measured in months of supply, there was 1.93 months of supply at the end of December compared to the same time a year ago when we had 1.12 months of supply. Supply at months end for Snohomish County was 1.53 months, Pierce County was 1.52 months and King County was 1.71 months. Condo inventory in King County has surged to over four times as many condos listings than it had 12 months ago. For the most part, inventory has climbed each month since May.
Pending sales were down around 8.4 percent from this same time last year (5,677 units compared to 6,198) and closed sales were down almost 16.6 percent (6,374 compared to 7,642).
In 2018, brokers reported 92,555 closed sales compared to 99,345 in 2017; a decrease of roughly 6.8 percent. The median price of last year’s closed sales of single family homes and condos in the 23 counties served by the NWMLS was $402,000; up $32,000 (8.64 percent) from 2017.
I predict we will see increases in inventory throughout 2019 yet not quite getting us to a balanced market by year end (remaining in a seller’s market), prices will increase area-wide at around 5.5 percent and rising interest rates possibly bringing us to around 5.5 percent by the end of 2019.
This is still a great time for both buyers and sellers to enter the market as our economy remains healthy and our market remains strong; let Hewitt Property Group guide you to the information necessary to make the right decisions in 2019.
With the increase in inventory, lenders raising loan limits and price appreciation cooling, buyers should be jumping at the opportunity to buy now since rate increases have slowed for the time being and sellers are more likely to negotiate and possibly offer buyer concessions!
House shoppers this year have more to choose from than this same time last year; figures from the Northwest Multiple Listing Service (NWMLS) showed a 41 percent rise in active listings (from 11,193 to 15,830) over November of last year. Members added 6,399 new listings to inventory last month, up from the 6,098 we showed for the same month a year ago. King County had the biggest gains with its inventory surging 135 percent from a year ago, rising from 1,879 to 4,020, and inventory of condos alone more than tripled, rising from 355 to 1,221. Area-wide, the condo supply more than doubled. Looking at months of inventory, both King County and the entire NWMLS are showing 2.3 months supply.
Pending sales in November were down 10.4 percent from a year ago. Compared with October, they were down 17.5 percent yet not as bad as if we compare the two months from the previous year, November was down 21.5 percent. Closed sales declined roughly 15.3 percent from the same time last year although area-wide prices were still up 4.2 percent in the same period.
Since January, the median price in King County is up about 2.5 percent, in Snohomish County it is up about 4.4 percent and in Pierce County, it is up over 10.2 percent.
Many buyers will be looking for their next home during November through January as the selection is better, rates are still attractive, the sellers tend to be more negotiable and buyers are not tripping over one-another…which makes for a win-win for all involved. Let Hewitt Property Group help you with your next move!
Longer market times are disappointing many sellers looking for that quick sale! Sellers now need to be sure they’re priced competitively or be ready to make quick adjustments as needed.
After seven months of increasing inventory, October saw a pull back as brokers added the fewest properties to the market since this past February. Agents added 8,865 new listings to inventory in October; down from September when agents added 10,458, but up 4.7 percent from the year ago number of 8,466. Last month’s total number of active listings of 18,223 was down 6.7 percent from September but up 33.2 percent from October 2017 when that number stood at 13,680.
In the 23 counties served by the Northwest Multiple Listing Service (NWMLS), there is nearly 2.3 months of inventory, down from September’s 2.5 months number and better than the 1.5 months supply we saw at the same time last year. In King County, we have 2.4 months supply compared to .98 months a year ago. This is still far from a balanced market that is usually defined as 4 to 6 months of inventory.
There were 9,015 pending sales (mutually accepted offers) reported last month, down 14.8 percent from the year ago total of 10,586 but up slightly from September’s figure of 8,913.
Closed sales of 8,005 was a decline of just shy of 11 percent area-wide. For the four county Puget Sound region, the number of closed sales was down 15.3 percent from a year ago yet up 5.2 percent from last month.
NWMLS figures for October show median prices area wide for homes and condos is up nearly 4.6 percent from the same time last year, rising from $373,000 to $390,000. Homes prices in King County are still up almost 8.6 percent from a year ago ($565,000 to $613,509)…so sellers are still experiencing significant price appreciation. Condo prices alone are up 7.8 percent and in King County, which made up over half the condo sales last month, condo sales were up 5.8 percent…climbing from $378,000 to $400,000. The peak median price so far this year for condos in King County was $466,500 attributed to new projects in both downtown Seattle and Bellevue. The median price on new condos built in just King County so far this year is $830,287.
Buyers continue to test the market as they see better prices, less competitors and are wishing to secure a home before the holidays. Sellers, on the other hand, need to price their homes correctly to compete for these pre-holiday buyers. Let Hewitt Property Group help you better understand a winning strategy in this market, contact us at firstname.lastname@example.org or 425-481-8889; you’ll be glad you did!
Finally it looks like balance is returning to the Puget Sound housing market! Now may be the best time for buyers to buy as we believe interest rates will hit the mid 5’s sometime next year and the next surge of inventory shouldn’t occur until March, making this a great time to go shopping.
Members of the Northwest Multiple Listing Service (NWMLS) added 10,458 new listings of single family homes and condos to the market in September; bringing the total listings at month end to 19,526 (an increase of 22.9 percent from this same time a year ago when we had 15,888 total listings).
In the 23 counties served by the NWMLS, there was a 2.56 months supply of inventory for single family homes and condos combined; below the 4 to 6 months that make up a balanced market. The condo inventory alone stood at .34 months area-wide; this number is still up 70 percent from a year ago).
Pending sales were down nearly 14 percent area-wide as agents reported 8,913 mutually accepted agreements last month, decreasing 1,435 units from the same month a year ago.
Closed sales came in at 7,630 units; down 18.6 percent from the 9,371 units reported at the same time last year. For the first 9 months of this year, closings are down 4.4 percent from the same 9 months of last year.
The median price for last month’s closed sales of single family homes and condos system-wide was $400,000; up from the $381,000 reported a year ago yet down $15,000 (-3.6 percent) from August and down $25,000 (-5.9 percent) from June (this year’s peak so far of $425,000).
Contrary to what’s being reported, this new normal is highly anticipated and healthy for the market as a whole since sellers moving from one house to another have more viable options, buyers have more inventory to choose from and sellers will still sell for a fair market value. Hewitt Property Group is happy to help you make a move before increasing interest rates make it harder to find an acceptable property or increasing inventory causes you to lose traction on your net return…contact us today!
This may be the best time for house-hunters to purchase a home in the Northwest while inventory is at its highest point in three years, there are fewer bidding wars and interest rates remain historically low!
Members of the Northwest Multiple Listing Service (NWMLS) added 11,994 new listings to inventory in August, up slightly from the same time last year when agents added 11,781. By the end of the month, there were 18,580 active listings in inventory…the highest level since September 2015 when buyers had 19,724 listings to choose from, and up 11 percent from July. King County reported 5,803 listings at month’s end, a 74.3 percent increase from the same time last year when that number was 3,329.
Brokers logged in 10,109 mutually accepted agreements last month, a drop of 14.8 percent from last year when they reported 11,867 pending sales. In the four county Puget Sound region, pending sales for the same time were down more than 20 percent.
The median sales price of the 9,288 closed sales in August of single family homes and condos was $405,000, up almost 6.9 percent from a year ago when the median price was $379,000. For single family homes alone, the median price was $415,000, a 6.4 percent increase from a year ago. King County saw the median price of single family homes in August at $669,000, up 2.9 percent from the year ago number of $650,000 but down from May when that number stood at $726,275…the highest so far this year.
As buyers enter the market to take advantage of the greater selection than previous months, so too should sellers be sure they are priced properly to benefit from these remaining buyers while what’s left of the seller’s market continues. Now’s the best time to have an expert help you navigate these waters…contact Hewitt Property Group for the very best in representation!