Slowing Prices Point to a More Balanced Real Estate Market
Great news for Washington state homebuyers: the September real estate market numbers are in and pointing to a more balanced market. According to the latest report by the Northwest Multiple Listing Service, things are heading in the right direction.
The report points out a lot of fascinating figures. Closed sales are down system-wide – 8,913 closings were reported in September of 2018 and only 7,630 last month. In addition, while the inventory is still low, with a little over two-and-a-half months’ worth of supply of single-family residences and condominiums, this number is at the highest level since February of 2015. However, the inventory levels are still dismally low when looking at condominiums alone – less than half a month of supply across the surveyed area. These levels are likely to remain low for another eighteen months or so, when some of the recently announced projects near completion. Another sign of a market heading towards a healthy balance is the much smaller number of listings with offer deadline dates and pre-inspection requirements.
The report takes into consideration multiple listing service data from twenty-three counties across the state – as reported by roughly thirty thousand members across around two thousand offices.Email