With Low Interest Rates and Improving Inventory, Buyers Resume their Search
The February market report from the Northwest Multiple Listing Service took a look at the market conditions during the first month of 2019. While there was an improvement in the volume of new listing as well as total inventory, the number of pending sales has declined year-over-year. 7,820 of such sales were recorded during January 2018 and only 7,564 last month.
While system-wide the number of pending sales has decreased, seven of the counties have reported an increase – including King (up almost 7.5% from a year ago), and Snohomish, with a 3.8% improvement. As far as new listings go, members added 7,090 new properties (both single family and condominiums are included in this category), up from 6,805 in January of 2018 and almost twice as many as there were in December of last year. In addition, the report from the NWMLS states that the listing inventory has doubled in both King and Snohomish counties.
As far as prices go, three of the four Puget Sound-area counties (Kitsap, Pierce and Snohomish) saw an increase in prices of single-family homes. However, King county experienced a decrease in prices in the same categories of almost 3%. Condominiums prices rose slightly system-wide, about a 1.6% increase. The median price of condominium in King County went up about $3,500, up from $380,000 a year ago. It is worth noting that half of all condominium sales reported by the NWMLS occurred in King County.
The Northwest Multiple Listing Service’s report contains findings on the transactions amongst its 29,000 real estate professionals, in 23 of Washington’s counties.Email