According the the NWMLS, Inventory of Homes is Improving
At last, a bit of good news for buyers in Washington state. According to the press release from the Northwest Multiple Listing Service, the number of new listings in May was 14,524 – the first time this number topped 14,000 since May of 2008. Moreover, the number of new listings in May 2017 was 13,497 – which means we are seeing over a thousand more new listings than we did a year ago. In addition, King County finally has more than a month’s worth of supply (1.44 months, to be exact) – first time since September of last year. While far from the four months of inventory most experts believe are needed for a balanced market, it appears that summer has brought along with it a good number of listings.
In addition to a rise in inventory, there was also a drop in pending and closed sales. As can be seen in the graphic above, only 9,011 sales were reported last month – almost a hundred less than in May of 2017. The median sold home price still continues to climb – the new record high area-wide is $420,000, 11 percent higher than the $378,475 in May of 2017. The median sales price of all properties (single family home and condos) in King County is $650,000.
There is has been a noticeable increase of inventory in the condominium market. There were 1,803 new listings area-wide in May – over 11% more than in May of last year. While inventory increased, the prices kept climbing as well. The median sale price of a condominium in King County was $427,000 – over $50,000 higher than a year ago, according to the NWMLS.
The Northwest Multiple Listing Service serves 23 counties across Washington state. The abovementioned data accounts for the combined activity in the single family home as well as the condominium markets.