Inventory Levels in Washington State Continue to Rise, According to the Northwest Multiple Listing Service
The Northwest Multiple Listing Service has released its latest report and inventory continues to rise. According to the press release, there were 5.2% more active listings in June 2018 than in June 2017. In addition, pending and closed sales are both down. While buyers have more inventory to choose from, it must be noted that prices were ten percent higher than in June of 2017.
Overall, there were 15,234 active listing (both condominiums and single family homes are considered) at the end of June, per the MLS. More importantly, the level of supply was at 1.5 months – the highest level since October. While the inventory levels are slowly improving, we are still far off from the 3-5 months of inventory needed for the market to be considered balanced.
In other reassuring news for those looking to buy, the median sales price of single family homes dropped over one and a half percent between May and June of this year. According to multiple experts quoted in the Northwest Multiple Service’s report, while the market remains unbalanced, it is showing signs of improvement – if slowly.
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