Multiple offers, for the most part, are a thing of the past! Recent figures from the Northwest Multiple Listing Service (NWMLS) show year-over-year improvement in inventory of 6.5 percent with modest drops in pending sales (down over 7 percent) and closed sales (down 3.4 percent) in the 23 Counties it serves.
The total number of active listings at month’s end in July was 16,773, the largest volume since September 2016, and 1.8 months of supply…the highest since October 2016. Since March in King County, inventory has nearly doubled…going from 0.8 months to 1.5 months of supply. King County’s inventory in July has climbed nearly 48 percent from a year ago, going from 3,465 to 5,116. In Snohomish County, it has climbed 15.8 percent.
NWMLS data shows pending sales declined from 11,800 a year ago to 10,965, a decline of 7.1 percent. Prices for single family homes only rose 8.4 percent with condos alone rising 10.2 percent; in King County…that number for condos rose nearly 12 percent.
Agents reported 9,379 closed sales in the month of July compared to 9,707 at the same time last year (a decline of about 3.5 percent). Data shows a 32.5 percent increase in the closed sales of homes priced at $2 Million or more so far this year as compared with the first seven months of last year (up from 477 to 632 closing of homes and condos in this price arena).
All-in-all, now is a great time to be a buyer with the increased inventory and the decline of multiple offer situations; yet seller need to be sure to hire a true professional in order to optimize their return on their investment…your best next move would be to contact Hewitt Property Group and let us handle the rest!
Brokers are feeling a shift in the market with more choices and less competition for buyers and longer market times with occasional price corrections for sellers.
Agents of the Northwest Multiple Listing Service (NWMLS) added 13,153 new listing to inventory in June; a slight drop from a year ago when agents added 13,658 and from May when 14,524 new listings were added. At month’s end, there were 15,234 total active listings and 1.5 months of supply; this was its highest level since this past October. Active listings in King County was up 47 percent from this same time last year; a significant jump.
Median prices from June of last year were up over 10 percent in King County and up just shy of 15.5 percent in Snohomish County; yet King County was down 1.6 percent from May ($726,275) to June ($715,000). 20 of the 23 Counties served by the NWMLS experienced year-over-year double-digit increases in median prices, while Grant, Kitsap and Skagit counties each had gains under 6 percent. With over 100,000 net new jobs being created annually in the Northwest and less than 30,000 new homes being built, these trends are likely to continue.
Pending sales were down in the four county Puget Sound area region (King, Kitsap, Pierce and Snohomish counties) by nearly 11 percent from a year ago. Area-wide, pending sales were down 8.4 percent and closed sales were down .07 percent from this same time last year.
All-in-all, inventory is up and demand is down! It is critical that now, more than ever, both sellers and buyers alike need experience in their corner and who better than Hewitt Property Group to represent your best interests; contact us today!
Is the market seeing signs of a shift as more listings hit the Northwest Multiple Listing Service (NWMLS) in May than we saw in the last decade?
New listings saw the largest increase in a decade as agents added 14,524 new listings to inventory in May; the first time we surpassed 14,000 since May of 2008. A climb of nearly 29 percent from the 11,271 added in April. Total listings at month end stood at 12,956.
Pending sales were logged in at 12,168 during May, a decline of 2.7 percent from a year ago when members reported 12,511 pending sales.
Median prices of single family homes and condos that closed in the 23 counties served by the NWMLS was up nearly 11 percent, rising from $378,475 to $420,000. In King County, prices rose from $560,000 to $650,000; up just over 16 percent…single family homes rose from $633,500 to $726,275 (up 14.64 percent).
Closed sales were down slightly from 9,106 a year ago to 9,011; down a little over 1 percent. Compared to April number of 7,726, closed sales are up 16.6 percent.
More new listings creates an opportunity for buyers to get off the sidelines and step in as there may be an excellent opportunity to pick up a house without the threat of multiple offers. Sellers may need to re-evaluate an exit strategy to keep one step ahead of any shift that may be heading their way. In either event, most rely on a trusted and proven professional to help them navigate these waters; Hewitt Property Group is there as you need us…contact us today!
While home buyers are celebrating the uptick in inventory, prices continue to rise and mortgage rates continue the threat of increasing further.
Brokers of the Northwest Multiple Listing Service (NWMLS) added 11,271 new listings to inventory in April, a gain of 6.3 percent over March and a gain of 5.9 percent from the same time a year ago. At month end, active listings of single family homes and condos stood at 10,079 units; a growth of 1,254 listings from March’s total of 8,825. King County inventory grew 13.6 percent from a year ago.
In the 23 counties served by the NWMLS, there is a 1.3 month supply of inventory; King, Kitsap, and Snohomish County reported less than a month supply. The condo segment area-wide has just slightly over 3 weeks supply (.87 months).
Median prices for single family homes and condos year-over-year area-wide jumped 15.3 percent; climbing from $360,000 to $415,000. King County showed the biggest gain of nearly 18.2 percent; climbing from $550,000 to $650,000 while the median price for homes and condos in Snohomish County came in at $475,000.
Pending sales came in at 10,574 (697 units under new listings added) and closed sales were reported at 7,726.
As higher interest rates calm home price appreciation for sellers and increasing inventory provides some slight relief for home buyers, sellers and buyers alike should be encouraged to work with a broker who understands the current market and can guide both to a successful closing. Let Hewitt Property Group help you make your next move!
Puget Sound area job growth along with the rising interest rates seen throughout the Country both add to the already tight market supply allowing sellers to enjoy great price appreciation while driving some buyers lower in their choices.
Agents of the Northwest Multiple Listing Service (NWMLS) added 10,595 new listings to inventory in March…slightly more than the same time last year when that number stood at 10,321; although it was a great gain in comparison to February when members only added 7,284 new listings. Inventory at month’s end was 8,825, down nearly 9.7 percent to the year-ago number of 9,772.
Brokers reported 10,311 pending sales (mutually accepted agreements) last month, a slight decrease over last year’s 10,415 pending sales number but a big climb from last February’s 7,980 count.
Area-wide, there is a 1.2 month supply of listings; Snohomish county is the lowest of the 23 counties served by the NWMLS with only .67 months…followed by King County with .83 months.
Prices overall in the NWMLS are up 13.2 percent from a year-ago and higher in the four-county Puget Sound region. The median price for single family homes and condos in King County is $625,000; up 17.9 percent from last year’s number. Single family homes alone in King County are up to $689,950.
Now may be your opportunity to get in before rates go higher and/or get out before higher rates and climbing inventory has a chance to slow any gains. Let Hewitt Property Group know how we can help…we love serving our clients!
With the robust job market of the Pacific Northwest outpacing most metro areas in the nation and the slight rise in interest rates seeming to have little to no effect on home sales, for now…there seems to be no end in sight!
In February, members of the Northwest Multiple Listing Service (NWMLS) added 7,284 new listings to inventory which outpaced the same time last year (6,848) by 6.4 percent. At month’s end, there were 7,921 total listings in inventory…a drop of roughly 13 percent compared to 9,091 for February of last year.
Pending sales of 7,980 outpaced new listing and total listings; yet this number is down from last year’s 8,209 pending sales by close to 3 percent. On the other hand, closed sales outpaced last year by nearly 3.6 percent…rising from 5,358 to 5,548.
Median prices on these closed sales was up almost 14.8 percent in the 23 counties served by the NWMLS for the same one year period, rising from $335,515 to $385,000. Snohomish County had the largest increase, rising from $387,250 to $460,000 (up 18.8 percent).
Sellers may still have the upper hand yet some specific areas are now showing signs of easing. As we enter Spring, the market heats up ahead of summer making now as good a time as any to consider a move. The best plan will include a skilled professional, Hewitt Property Group, to help you make the right move…contact us today!
As January comes to a close and you compare it to the same time last year, prices rose double digits, pending sales were up slightly and inventory shortages remained.
Members added 6,805 new listings to inventory last month, an increase of roughly 4.6 percent from a year ago. Total inventory at month’s end stood at 8,037 homes and condos, down nearly 17.6 percent from last year’s January when total inventory was at 9,750 listings.
Agents of the Northwest Multiple Listing Service (NWMLS) reported 7,820 pending sales. In King County, pending sales of 2,282 finally outpaced the new listings count of 2,326 by 44 units. Hopefully, a sign of things to come!
Prices of single family homes and condos rose from January of last year’s number of $327,500 to $363,500; a jump of about 11 percent. In King County, prices rose from $475,000 to $571,250 (up 20.3 percent) and Snohomish County was up about 12.2 percent.
Closed sales of 5,325 units was down roughly 9.3 percent from a year ago; leaving us with approximately 1.5 months’ supply of inventory in the 23 counties served by the NWMLS (system-wide).
All-in-all, it is a great time to sell because of higher prices and may be an equally good time to buy as new owners of real estate seem to also realize a benefit from the climb. When selling or buying, trust Hewitt Property Group to help you make the right move…contact us today, you’ll be glad you did!