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!
Buyers continued to struggle last month as the unrelenting decline of inventory, rising prices and rising interest rates worked to make finding a suitable home an even greater challenge!
Members of the Northwest Multiple Listing Service (NWMLS) added 4,217 new listings to inventory in December bringing the total supply of listings at month end and year end to 10,571; this is an average of 1.4 months supply of inventory for the 23 counties being served by the NWMLS while both King and Snohomish County reported less than a month of inventory.
Pending sales outpaced new listings by 2,184 units (just shy of 52 percent) as brokers reported 6,401 mutually accepted agreements during December; up 7.2 percent from a year ago when pending sales came in at 5,970. King County was the highest year-over-year gain at nearly 11.3 percent while Snohomish County showed only a 3.2 percent increase.
The median price for single family homes and condominiums was up 9.2 percent from a year ago; rising from $315,000 to $343,950. In King County, prices were up 12.2 percent; rising from $450,000 to $505,000…single family homes alone were at $550,000 (unchanged from October and November) yet down from June when single family homes in King County was at a staggering $573,522.
Agents logged 7,575 closed units in December; up 6.8 percent from a year ago when that number stood at 7,091.
All-in-all, sellers should take advantage of this opportunity to realize substantial gains in equity before rises in interest rates and/or inventory causes thee numbers to relax along with prices. Whether you’re a buyer and/or a seller, now would be the perfect time to contact The Expert Real Estate to weigh your options!
Just when we thought inventory levels were beginning to climb, August pending sales rallied to outnumber new listings added. If inventory levels shrink as interest rates remain low, there will continue to be upward pressure on prices.
Members of the Northwest Multiple Listing Service (NWMLS) added 11,411 new listings to inventory last month bringing the total listing count at month’s end to 18,336; an increase of 11.6 percent from a year ago.
Pending sales outpaced new listings for the first time in the past two, almost three, months just when it seemed we were starting to catch up. Brokers reported 11,898 pending sales (mutually accepted contracts) during August outpacing the year ago number of 10,603 for a gain of 12.2 percent. In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), there were 8,628 pending sales, which was the best August since 2005 when members wrote 8,874 accepted contracts.
The median price for single family homes and condominiums from last month’s closed sales of 9,767 units was $350,000 in the 23 counties served by the NWMLS; up more than 11 percent from the same time last year. In King County, the median price of it’s 3,656 closed units was just under $500,000; a gain of nearly 11 percent from a year ago when we saw that number at $450,700 but just below July’s reported $505,000.
It may now be more important than ever to hire a professional that understands the market and knows how to always represent your best interests; here at The Expert Real Estate, we pride ourselves with both…let us know how we can help!
The saga continues; lack of inventory continues to drive multiple offers and inflated sales prices in the general Puget Sound area, which makes for a great time to be a seller and a much more challenging time to be a buyer!
Members of the Northwest Multiple Listing Service (NWMLS) added 10,511 new listings to inventory in March compared to 10,505 at the same time a year ago; taking the total inventory count to 12,653 by month’s end (a decrease of 25.6 percent from the previous year’s 17,007 active listings in the same month).
There were 10,900 pending sales (mutually accepted contracts) last month, which came in 500 less than a year ago (a decrease of roughly 4.5 percent). In the four-county Puget Sound area, pending sales were down about 6 percent.
The median selling price of single family homes and condos was $320,000; an increase of 9.4 percent from March of last year when that number stood at $292,500, and an increase of 4 percent as compared with February. In King County, prices jumped 11.5 percent from $411,200 to $458,450. For single family homes alone, prices area-wide were up 8.7 percent from a year ago and in King County, leaped 20.7 percent from the previous year ($440,250 to $531,250). Condo prices area-wide were up roughly 14.6 percent ($240,000 to $275,000).
Brokers reported 7,075 closed sales of single family homes and condos last month for an increase of 4.5 percent from a year ago when agents reported 6,769.
With inventory challenges and a wish to succeed from either side of the selling and buying frenzy, having the talent and skill required to win for our clients continues at the forefront of our focus; and winning we are!! Make The Expert Real Estate an integral part of your next move and maximize your position; contact us today.
As interest rates remain stable, job growth remains strong, inventory remains low and demand remains high; hold on as the spring market approaches, it’ll be another crazy ride!
Members of the Northwest Multiple Listing Service (NWMLS) added 7,931 new listings to inventory last month; slightly outpacing the previous year’s number of 7,852; at month end, we had 12,107 active listings, a drop of over 25.5 percent from a year ago when we had 16,946 properties for sale. When we look at this number in months supply of inventory, that correlates to about 2.4 months supply.
Pending sales of 9,052 were up 5.3 percent from February of 2015 when brokers reported 8,599 mutually accepted offers. Pending sales are outpacing new inventory by roughly 12.4 percent; a great sign for sellers and not such a great sign for buyers.
Brokers reported 5,029 closed sales last month compared to 4,761 at the same time a year ago; an increase of about 5.6 percent.
As high demand continues, supply remains low and multiple offers remain commonplace; it’s evident more and more why one needs the knowledge and skill provided by The Expert Real Estate to win in this market…contact us today!
As prices continue to rise along with dropping inventory levels and the threat of higher interest rates, sellers are in a great spot to take advantage of the market and buyers need to act fast in order to not get left behind.
Members of the Northwest Multiple Listing Service (NWMLS) brought 4,041 new listings to inventory in December, down about 7.5 percent from the same time a year ago when members input 4,367 new listings. Total inventory of 12,522 listings at year-end was down 29 percent from the previous year’s total of 17,659; King County alone experienced a 39 percent decline. Inventory levels in King County are still below one month (0.84), and Snohomish and Pierce County are at 1.13 and 1.76 months respectively.
Pending sales last month also outpacing new inventory by 1,929 units as 5,970 mutually accepted contracts were reported last month; and to add to the depletion of inventory, this was 3 percent higher than pending sales reported in December of last year. Surprisingly, pending sales in King County were down 9.2 percent while pending sales in the two adjoining counties (Snohomish and Pierce) were up in the double digits; mainly because buyers are being priced into these other areas.
Median prices continue to push upwards from $290,000 to $315,000 area-wide, an increase of 8.6 percent. Prices in King County rose from $440,000 to $508,000; an increase of 15.5 percent and breaking the pre-recession record of $481,000 set in July of 2007.
Brokers closed 7,091 sales during December, an increase of 12.8 percent from the same time in the previous year when closings were reported at 6,284 units. For all of 2015, NWMLS members closed 88,831 units, up 14.3 percent from 2014 when that number stood at 77,276 units.
Now, more than ever, buyers and sellers alike need experience on their side of the negotiations table if they are going to maximize their position and who better equipped then The Expert Real Estate; call us today to book your no obligation consultation.
Tis the Season to be Jolly; especially as a seller with the low inventory and as a buyer with less competition from other buyers. With interest rates remaining low and less competition, now may be a great time to make a move!
Agents across the 23 counties served by the Northwest Multiple Listing Service (NWMLS) added 5,268 new listings to inventory in November, 253 fewer than the same time a year ago; bringing the total inventory to 15,327…a decline of roughly 26.5 percent from the same time last year (20,864). Many clients are talking about listing after the New Year, which could change the landscape yet again.
Members reported 7,511 pending sales (mutually accepted agreements) last month, which outpaced last year’s 6,821 pending sales by 10 percent; condo sales were up over 21 percent while single family homes were up about 8.5 percent from a year ago.
There were 5,999 closed sales in November compared to 5,872 a year ago for an increase of 2.2 percent.
The median price on single family homes and condominiums closed last month increased roughly 6.6 percent from a year ago ($289,000 to $308,000). Single family homes alone increased about 5.7 percent during the same time ($299,000 to $316,000) with condo prices climbing 17.8 percent ($225,000 to $265,000).
If you’re looking to get in on this great time to buy or sell, let The Expert Real Estate coordinate your next move; you’ll be glad you did!