Members added 7,894 new listings to inventory last month bringing the total number of listings area-wide to 24,391…compared to a year ago when we had a total of 23,115; an increase of only a little over 5.5 percent. Most impressive was the condo inventory where members added more than 1,000 new listings which was a jump of 24.3 percent from a year ago.
Pending sales in October were down 2.7 percent from a year ago (the first negative year-over-year decline since April 2011…which was compared to April of 2010 when Buyers were scrambling to take advantage of a soon to expire Federal tax credit) but increased nearly 3.2 percent from September’s number. Northwest MLS brokers reported 8,086 pending sales in October compared to 8,312 in the same month a year ago.
Interestingly enough, closed sales in October were 6,752 area-wide which was an increase of over 12 percent from a year ago when members reported 6,000 units and nearly identical to September’s number of 6,711.
The median price for single family homes and condominiums was $271,000 compared to $251,625 a year ago; an increase of almost 7.7 percent. It seems with the slight increase in mortgage rates, the considerable deterioration of consumer confidence as a result of the shutdown and debt ceiling squabbles (according to the Conference Board) and increased inventory, the market is seeing some return to normalcy.
It’s important to understand how to navigate this market and how to separate the good from the bad; make sure you have a winning team on your side and let The Expert Real Estate Group help you achieve your dreams!