Northwest Multiple Listing Service brokers expected an uptick in the number of new listings during March, and that expectation was met with a significant gain – up more than 50 percent from February. Members added 10,321 new listings last month, but they also reported an even greater number of pending sales (10,447), leaving inventory near historic lows.
Home buyers are in a spring mood, but sellers are still hibernating, suggested one broker while commenting about the latest statistics from Northwest Multiple Listing Service. Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers, rising prices, fewer sales, and frustrated house-hunters.
Western Washington’s “high velocity” market continued during January with the number of pending sales (7,745) outgaining the number of new listings (6,507), according to new figures from Northwest Multiple Listing Service.
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.
Pending sales of homes hit an all-time high for the month of November according to the latest statistics from Northwest Multiple Listing Service. The report covering 23 counties around Washington state also shows the number of new listings added during the month plunged to the lowest level in 11 months, prompting MLS leaders to predict a busy winter for residential real estate as buyers compete for the smallest inventory since March.
Home sales around Western Washington outgained new listings again in October, fueling competition for scarce inventory and pushing prices higher. Some seasonal slowdown is still expected – and the Nov. 8 elections may be in play as well, according to brokers at Northwest Multiple Listing Service who commented on last month’s activity.
It’s still a seller’s market, but some leaders from Northwest Multiple Listing Service think the imbalance may be easing in some areas, pointing to a slower pace of sales and moderating prices. Others aren’t convinced, citing mixed indicators.
Home sales in Western Washington continued to outpace year-ago activity, but member-brokers at Northwest Multiple Listing Service say persistent inventory shortages are constraining activity.
Home prices are still rising but the supply of homes is improving, prompting brokers to suggest some relief is in sight for would-be buyers. “We might actually be starting to move very slowly back toward a more balanced market,” said OB Jacobi, president of Windermere Real Estate, in commenting on July’s figures from Northwest Multiple Listing Service.
Home sales around Western Washington continued at a torrid pace during June, but a 10 percent year-over-year increase in new listings has some brokers with Northwest Multiple Listing Service suggesting a little relief may be emerging.
Just as expected, the month of May had an uptick in new listings (12,272), but just as many buyers (12,275) made offers on homes during the month to keep inventory depleted, according to the latest figures from Northwest Multiple Listing Service.
April brought extreme price increases and bidding wars on the hottest properties and price ranges throughout the Seattle region. Some of those recorded sale prices are simply jaw-dropping. Those homes closest to core locations with neighborhood amenities and walkability are continuing to command the highest buyer interest. More sellers, seeing opportunity on the horizon, have begun to list their properties for sale. This flow of new inventory has given buyers new options and, as a result, buyers are passing on less desirable homes (requiring significant work, in a challenging location, or overpriced) in favor of those that offer more of what they want (turn-key, protected location/non-busy road, and well-priced).
March was a month of competitive bidding wars if there ever was one. All but West Bellevue had average sale prices coming in at well above listed prices, 1-3% higher to be exact. And, if you were thinking about buying in the Ballard-Greenlake area, prepare to pay about 8% above the listed sale price according to the latest data released for the Month of March. Not far behind were South Seattle at 6%, North Seattle at 5%, and West Seattle at 4% above their respective average list prices. Oh and to be sure, there are no bargain prices in West Bellevue to be had—it’s just that at an average sale price of $1.8 million one can find a little wiggle room.
Home prices in King County hit new highs in February as buyers tried to outbid each other for the sparse inventory in much of Western Washington.
Depleted inventory is contributing to “overwhelming” traffic at open houses, shifts in strategies for both buyers and sellers, and escalating prices, according to officials with the Northwest Multiple Listing Service.