Low supply continues to create competition amongst buyers in Western Washington
October brought with it the lowest level of inventory since April, with only 14,370 active single family and condominium listings. Moreover, this number is 21% lower than a year ago and 10% lower than in September of this year. On a more positive note, pending sales are up system-wide, according to the latest report from the Northwest Multiple Listing Service.
The report, which analyzes the data from 23 counties state-wide, shows that pending sales were up 5.6% last month and closed sales were up 4.1%, as compared to October 2018. While there is merely 1.73 months of supply overall, well below the 4-6 months considered to be healthy by industry experts, the report predicts that there will be no significant inventory increases any time soon.
Ten of the counties in the state, most of them in the Puget Sound area, have less than two months of supply. For example, in King county there are 1.63 months of supply of single-family homes and only about two months of supply of condominiums. It is worth noting that the national average is currently about 4 months. The inventory levels are likely to stay low, as most sellers choose not to list their homes during the holiday season. In addition, a number of stale listings will be taken off the market and likely not relisted until spring arrives.
Median sales prices in the state, meanwhile, are all over the board. In King County, the median price was $605,000, down about 1.4% from October 2018 – and it was one of only two counties that saw such a decrease. System-wide the median price was $420,000, matching that of September of this year but surpassing that of October 2018 by over 7%.
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