Change in Seasons Creating More Opportunities for Buyers
Fall has typically always equaled a slowdown in the market and September was no different. However, while inventory levels dropped, the number of buyers actively looking to purchase decreased as well – creating more opportunities for those who are still looking to purchase.
System-wide, inventory levels have dropped 18%, according to the latest report from the Northwest Multiple Listing Service. There were 15,982 total active listings on the market last month, as compared to 19,526 in September of 2018. Only three out of 23 counties where the Northwest Multiple Listing Service is present reported gains in inventory. An astonishing 18 counties reported a double digit drops year over year – Thurston as much as 35%.
There has been more positive news coming out of other counties, however. In Pierce County, the prices rose 10% thanks to high demand, which we blogged about last month. Median home price in that county was $379,950, about $213,000 less than the median price in King County ($593,750). When single family prices do not include condos, the difference between the two counties increases to $275,500.
King County prices are certainly lower than they have been a year ago – from $610,000 in September 2018 to $593,750 during the same month of this year. It is also worth noting that the median sales price of condominiums and single-family homes was under $600,000 for the first time since January.
The system-wide prices were up 5% in the twenty-three counties included in the report. The volume of closed sales is also up, about 4.4%. Pending sales were up 9.8% and outpaced the amount new listings.
Wondering about whether right now is a good time to buy or sell? We’d love to talk and give you personalized advice. Please contact us today at 206.910.5000 or at firstname.lastname@example.orgEmail