With rising consumer confidence and interest rates up almost a full percent from a year ago, the market is still enjoying positive results for sellers and provides a good time for buyers to enter the market!
Members added 10,860 new listing to inventory in July which brought the total number of active listings to 25,272. This is about 5.5 percent less than a year ago when inventory stood at 26,747 but up over 7 percent from last month; a huge improvement. From a year ago, inventory for single family homes is down 4.6 percent (while prices are up 9.9 percent) and condos are down approximately 13.2 percent (while prices are up over 16.8 percent).
Pending sales of 9,565 units were up more than 13.6 percent from a year ago and up over 2 percent from last month when we saw a total of 9,484 units. We are adding about 5 percent more than we are selling and market times have increased to about a 2.6 months supply; a possible sign that we are moving closer to a more balanced and stable market.
Closed sales and median prices are up area-wide by double digits from July of last year as members reported 7,772 transactions last month (up 27.5 percent) in the 21 Counties served by the Northwest Multiple Listing Service at an average price of $282,363 (up 10.8 percent).
When selling and buying in a complex market, knowledge is “King” and working with an experienced team can only increase your odds of being successful. “The Expert” Real Estate Group puts your interests first; let us help you achieve winning results!