November Brings an Uptick in Home Sales per the NWMLS
The weather outside might be frightful, but it is not keeping buyers away. According to the Northwest Multiple Listing Service, November was plenty busy with a 7% year-over-year increase in pending sales. In addition, the number of accepted offers went up as well, by 9.2% in the tri-county region made up of King, Pierce and Snohomish counties.
Increases continued with median sales prices, which were higher than those in October of 2019 and November 2018. Last month’s average sales price for the area serviced by the Northwest Multiple Listing Service was $434,900, an increase of about 10% from the same month last year and 3.5% higher than in October of this year.
While the demand was certainly there, supply had a tough time keeping up. A staggering 15% fewer properties came onto the market last month – just 5,437 new listings, a sharp contrast to the 6,399 that were added in November 2018. As a result, the supply fell to just 1.58 months in the area included in the MLS, which covers 23 counties in Washington state. That level of new listings is lowest since December of last year.
While buyers and sellers both wanted to wrap up transactions by year’s end, there were 11,366 active listings on the market at the end of November –28% less than a year ago and 21% less than in October. As fewer listings come onto the market, the prices of properties in the mid-price range are increasing. As that occurs, buyers continued to travel further outside of urban centers to find affordable options.
The condominium market saw mixed results, with much fewer listings year-over-year (23%) and fewer new listings as well – 20%. The pending and closed sales were up year-over-year 8.8% and 8.3%, respectively. Median sales prices of condominiums in the 23 counties from which NWMLS collects its data were up almost 4.5%, – topping out at $350,000, from $335,000 a year ago.
2020 is predicted to be another strong year for the Puget Sound area real estate market. Are you thinking of buying or selling? Let’s talk. We can be reached at 206.910.5000 or at email@example.comEmail