Volume of closed sales was at a 12-month high in July, per the NWMLS
With the summer buying/selling season in full swing, the newest report from the Northwest Multiple Listing Service offers some interesting insight into our market. Last month’s closed sales were at a 12-month high across the 23 counties included in said report – at 9,540, the highest volume since June 2018.
Meanwhile, the number of new listings nearly matched the amount of pending sales, at roughly 11,000. The number of properties that came onto the market was down about 6.7% from June and 8.2% lower than in July of last year. Total number of existing listings, for both single family homes and condos, clocked in at 16,787 – comparable to June’s numbers. Even more interestingly, when looking at total inventory levels, about half of the 23 counties included in the report have more inventory than a year ago – and the other half less. Area-wide, there are 1.76 months of inventory, with King, Kitsap and Snohomish counties all reporting less than two months of supply.
Median prices are on the rise system-wide as well. Single family home median prices were up 3.5% from a year ago – but not in all counties. King County was one of the four that reported a year-over-year drops in median home prices – of 2.7%. The average median condominium sales prices are a bit lower system-wide, but only by a less than one percent. It appears that the increase in inventory level is affecting the pricing of properties coming onto the market.
With the majority of well-priced properties selling within thirty days, according to the report, now might be a great time to make a move. Thinking of buying or selling? We would love to assist. Please contact us at 206.910.5000 or at firstname.lastname@example.orgEmail