August 2013 NWMLS Activity

Inventory is showing signs of improving with members adding 10,172 new listings to the market in August, which was almost 1,800 more than August of last year, for a total of 26,433 active listings by month end; compared to a total of 26,506 at the same time last year. This means inventory levels appear to be increasing; a good sign for Buyers looking for an increased selection. King County has a 1.7 month supply of homes with Snohomish County seeing a 1.8 month supply; compared to the average for the 21 Counties served by the Northwest Multiple Listing Service of 2.92 months.

Prices have also showed continuous signs of improvement. The area-wide median price for last month’s closed sales of homes and condominiums was $283,000 which was an increase of 13.2 percent from the year ago figure of $250,000; the third highest increase this year. The Median price for single family homes excluding condos increased 11.6 percent last month to $294,000 from $263,496 in August of last year; condos alone were up an impressive 26.7 percent. Interestingly enough, the King County median price ($392,500) is just 92.4 percent shy of its high of $425,000 set in July of 2007.

Pending sales in August for both single family homes and condos (9,065) were up 8.7 percent from a year ago (8,338); that is a decrease of 500 units from July but an increase of 727 units from the same time a year ago. Pending sales for condos alone were up only 6.3 percent.

We saw 7,841 closed sales for August; which was an increase of 18.6 percent from the same time last year when the number came in at 6,613. Condo sales alone saw an increase over last year of 17.4 percent but single family homes were more impressive at 18.7 percent; single family homes made up about 85 percent of the volume while condos accounted for the remaining 15 percent.

Knowledge, Integrity and Service are all characteristics that one should demand when working with an agent, The Expert Real Estate Group embraces and exemplifies all three of these characteristics…why buy or sell with anyone else?

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