Number of active listings in WA reaches highest levels since November 2020
While prices continue to go up throughout most of Washington state, buyers got some good news with the release of Northwest Multiple Listing Service’s newest press report. The number of active listings at the end of June reached the highest level since November of last year – 6,358 vs 6,505 properties. The volume of new listing added was also quite high – highest in 17 months, actually, at 13,111.
Higher inventory means more choices for buyers: there were 14.5% more active single family and condominium listings to choose from in June as compared to May in the tri-county area of King, Pierce and Snohomish. Systemwide, in the 26 countries surveyed, the month-to-month inventory improved by 14.9%, providing buyers with much needed relief from the pressure of home searching during times of extremely low number of homes available.
While the number of new listing is up, the prices are showing no signs of slowing down – and neither do the days on market. Many properties are still snatched up within mere days. Pending sales rose about 3.5% from a year ago. In addition, about a third of the inventory listed in June had a price tag of $800,000 or above and fewer than a quarter of the inventory was priced below $400,000.
Single family home market continues to be strong, with those types of properties accounting for 86% of all sales. The median sales price of the 9,417 homes which sold last month was up 27% from a year ago, at $611,000. While homes are making the news, condominium sales are quickly catching up. Total sales were up 59% year-over-year and the prices are up 20% – median sales price of a condominium was $440,000 last month.
The NWMLS area surveyed spans 26 counties throughout Washington state. You can read the report in its entirety here.Email