New listings up 11.8% YOY, but inventory remains tight
Finally, positive inventory news: the largest monthly number of new listings since May 2019 was added during the month of July. However, as buyers remain active in the market, inventory is far from abundant, according to the latest report from the Northwest Multiple Listing Service, which is a member-owned organization with service spanning 23 counties across Washington state.
Brokers added 12,514 new listings last month, up 11.8% from July 2019. Pending sales were also up 14% year over year and average months of inventory system-wide slipped to just 1.04 months. A little more than 3% more sales were reported in July of 2020 than during the same month last year. In addition, the 9,840 closed sales accounted for the highest volume since June of 2018.
Area-wide prices of single-family homes and condominiums also saw a very healthy gain of 12.8% year over year – from $429,900 to $484,995. When looking at these two categories separately, single family homes lead in price gain, with 13.6% year over year, while condo prices rose about 8.6% system-wide.
Major population centers of King, Kitsap, Pierce and Snohomish counties are seeing record low levels of inventory, about 24 days’ (!) worth – and multiple offers abound. In fact, an unprecedented eight counties reported less than one month’s worth of inventory.
King County continues to lead the pack with the highest median price for homes and condominiums at $670,000 – up 7.2% from a year ago. However, rise in prices is not seen universally throughout the county – while North Seattle saw a 21.6% increase, the Bellevue area west of I-405 noted a 17.4% decrease.
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