As the market continues its climb, multiple offers remain a firm presence as Buyers work diligently to secure one of the few homes that may be available in their selected criteria! Northwest Multiple Listing Service members reached their highest volume of new listings since june of 2011 and came close to matching the pending sales number reached in May of 2007.
Members added 10,351 new listings to inventory in April, gaining 12.9 percent from the year ago number of 9,166. By the end of the month, there were a total of 19,826 listings for single family homes and condominiums system-wide (down 21.6 percent from the year ago number of 25,291).
Pending sales for single family homes and condominiums in the 21 counties served the Northwest MLS rose 9.2 percent from the year ago number of 8,790 to 9,600; which was just short of May 2007 when members reported 9,743 pending sales.
Closed sales also continues to outpace previous years numbers with members reporting 6,209 closed sales compered to 5,177 a year ago (nearly a 20 percent increase). Median prices also climbed from $240,000 at the same time last year to $269,950 last month.
This market appears to be driven by improvements in the overall economy, lower than normal interest rates and decreased supply. Let’s hope we don’t see any significant shifts in these variables as a continued correction depends on it! If I can help you in any of your real estate needs, please let me know as I always have my “finger on the pulse” of this market.