Home buyer frustration continues due to limited selection
and ongoing increases in prices, interest rates
KIRKLAND, Washington (Jan. 5, 2017) – Like many other months of 2016, December was frustrating for buyers across Washington state as they encountered depleted inventory and rising prices. Post-election hikes in interest rates – with more on the horizon — added to would-be homeowners’ worries.
Northwest Multiple Listing Service statistics for December show year-over-year drops in new listings, but gains in pending sales, closed sales and prices. Pending sales (mutually accepted offers) in the four county Puget Sound region reached their highest level since 2005.
“The data just keep telling the same story – low inventory and increasing prices,” remarked Mike Grady, president and COO of Coldwell Banker Bain. “As one of our brokers put it, ‘Sellers received an awesome Christmas gift in December, but buyers, only a lump of coal.’”
Brokers added 4,217 new listings to the inventory during December to bring the supply up to 10,571 listings. The volume of new listings surpassed the year-ago figure of 4,041, but supply still fell, dropping to only 1.4 months for the Northwest MLS market area covering 23 counties. Both King and Snohomish counties reported less than a month of inventory.
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.
View the full December 2016 Report by neighborhood
East Lk Sammamish
Click on each report below to view an overview of the regional data:
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.