April Housing Report Contains Good News for Buyers
The Northwest Multiple Listing Service has released its monthly report and the data from April continues to signal good news for Washington state’s buyers. With inventory increasing and the interest rates low, the homebuying season is upon us.
System-wide, there was an overall 28.5% increase in active listings, compared to April of 2018, with overall volume of sales up slightly (1.9%) from the same month last year. In total, 11,697 listings were added to the MLS, up almost 4% from last year. The amount of pending sales was fewer than new listings by about 500, resulting in net gains in many of the counties.
Seven of the counties in the Northwest Multiple Listing Services system experienced notable, double-digit growth in inventory. King county experienced the biggest growth, with 78.5% more listings this April than a year ago. Sohomish county also experience an impressive uptick in the number of new listings year-over-year, with a 57% rise. However, ten counties experienced a decrease in new listings, with Jefferson county reporting the biggest drop of almost 25% as compared to last year. However, system-wide there was a 7.8% increase in listings from March of this year – meaning buyers had significantly more inventory to choose from.
While there is more inventory and properties are staying on market longer, giving buyers more time to decide, we are still not in a balanced market. The twenty-three counties combined have only around 1.7 months of supply – with the current national average being 3.9 months of inventory, according to National Association of Realtors.
With the inventory levels rising and the interest levels remaining low, this spring and summer are shaping up to be quite a busy time for homebuyers.
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