With interest rates and asking prices starting to climb, multiple offers are still the norm with the well-priced properties!
When we compare last month to May of 2012; median prices are up 13 percent, new listings are up 16 percent, pending sales are up nearly 10 percent and closed sales are up about 22 percent.
Brokers added 11,445 new listings to inventory in May; the highest since April 2010…which should help the market. May was better than the year ago number of 9,861 listings for an increase of 16 percent. Total inventory for last month in the 21 Counties served by the Northwest MLS is 21,943; still down 16 percent from one year ago. Condo listings are down more than 26 percent (2,253 listings) and only account for approximately 10 percent of total inventory.
Pending sales last month were 10,045 which has finally left some of the newly added inventory for consumers. We are seeing about a 2.18 months supply of inventory…still very much a Seller’s market.
Closed sales came in at 7,349; up about 22 percent from a year ago when members reported 6,027. Median prices in May of $275,000 were up 13.4 percent from the year ago number of $242,500.
With the steady increase of prices, there will be more and more challenges with appraisals…that’s why it’s as important as ever to make sure you have “The Expert” represent you on the sale of your home!