Slowing Market Giving Homebuyers More Ability to Negotiate
The October numbers are in – and they mean great news for those looking to buy. The Northwest Multiple Listing Service has released its monthly report and the statistics are fascinating.
While the seven-month streak of rising inventory ended last month, with fewest new listings added since February of this year, the seasonal slowdown is not affecting buyers too much. According to the report, there was an increase in closed sales from September to October this year for the first time since 2012, proving that buyers are out there – and purchasing.
Overall, there were 33% more active listings in October of 2018 than during the same month last year. However, the total volume of closed sales area-wide has decreased by a staggering $240 million when compared to October 2017.
While inventory is on the rise, there still is not enough of it to characterize the market as “balanced.” There were only 1.52 months of inventory in October of last year and 2.28 months of inventory during October of this year. To clarify, given the current rate of closings, it would take 2.28 months to sell every property on the market in the NWMLS. As a reminder, most experts consider 4 to 6 months a “healthy” amount of inventory, one which results in a balanced market.
The monthly Northwest Multiple Service report analyzes the statistics from twenty three counties statewide.Email