The newly released Northwest Multiple Listing Service data for July shows last month’s closed sales reached a 12-month high and the number of new listings (11,193) was comparable to pending sales (11,139).
A comparison of the 23 counties in the Northwest MLS shows about half the counties have more inventory than a year ago, and half have less. Across all counties, there are 1.76 months of inventory. Keep in mind, a balanced market is typically around 4-6 months of supply, so we’re still in a seller’s market in most counties, but this differs by city and neighborhood.
Year-over-year (YOY) prices rose nearly 3.6%, but decreased by approximately 2.9% from the previous month. The area-wide median price for July’s closed sales was $429,900; a year ago it was $415,000. Eighteen of the 23 counties showed year-over-year price increases.
The median price of a single-family home (excluding condos) that sold last month was $440,000, up 3.5% from a year ago. Only four counties reported year-over-year price drops, including King County where prices were down 2.7%. Condo prices also dropped less than one percent.
Buyers are seeing an increased selection. Homes priced right (at market value or lower) continue to sell quickly, often resulting in multiple offers; again, in specific cities and desired neighborhoods.
With continued strong job growth in the Puget Sound Region and lower interest rates (now in the high 3’s), it remains a good market to both buy and sell.
