As unemployment declines, interest rates rise and inventory levels still remain tight although improving, multiple offers have become the new norm in the mid to lower price ranges.
Members added 10,806 new listings to inventory in June, compared to 9,104 in the same month a year ago. Total inventory in the 21 Counties served by the Northwest MLS stands at 23,581; down 11.2 percent from the year ago number of 26,545 but closing in.
Pending sales were up 10.6 percent as members reported 9,484 mutually accepted offers last month, compared to 8,577 in June of last year.
Median prices last month were also higher, coming in at $279,950 which is 9.8 percent higher than the same time last year when the median price was $255,000. With interest rates rising, it will be interesting to see if this slows any.
Closed sales were up 17.8 percent as 7,318 properties changed owners last month compered to 6,214 in June of last year.
Now more than ever…it is important that Buyers are working with a trained professional in order not to miss out on a golden opportunity in a skilled environment; and the same goes for the Sellers. Feel confident having “The Expert” as a part of your team and contact us today!