More listings and moderating prices mean good news for buyers
Some good news seems to be on the horizon for Washington state’s homebuyers, as the market gets into its spring groove. The newest report from the Northwest Multiple Listing Service points to an increase in new listings as well as a sign of moderating prices.
According to the report, which compiles data from 26 counties, at the end of April there were 12,043 new listings added area-wide – a jump of 57% from April 2020 and an increase of 14% from March of this year. However, at the end of the month the inventory was at 5,616 listings – a drop of 45% year over year.
The pending sales continue to surge, up nearly 47% at the end of April from the same month last year. However, last month’s pending sales, which totaled 10,538, were slightly lower than those in March – by about 2.58%.
There were 8,791 closed sales (single family homes + condos) during the month of April, nearly 50% higher than last year. Prices are also surging year over year – a 25% increase from $452,030 in April of 2020 to $565,000 this year. It is important to note that almost all counties had double-digit gains. Prices of single family homes rosé about 26.5%, while condominium prices increased by a more moderate 12%.
Condo supply remains tight, with only 0.88 month’s worth of supply, down 27% from last year. King County condominium prices increased 7% year over year. It is interested to note that there was almost twice as much supply in January of this year – likely indicating that urban markets are bouncing back as the vaccination rates increase.
Have questions about the market? We’ve got the answers. We’d love to connect – call us at 206.910.500 or email us at email@example.com