Category Archives: Real Estate Statistics

November 2013 NWMLS Activity

As we look back on November, there are three prevalent themes; a slight improvement in inventory, stabilizing prices and fewer short sales. When you combine these with our stable local economy, many feel we should see the positive momentum continue along with a relaxing of current appreciation. Some of the many things that could compromise this could be the outcome surrounding any Federal Reserve policy decisions, new loan regulations, and changes in the local job market.

Inventory was up 4.8 percent from a year ago as members added 5,853 new listings to inventory (compared to 5,315 a year ago…a gain of over 10.1 percent) for a total of 22,061 active listings (compared to a total of 21,042 at this same time last year); although, this lower inventory continues to drag on the market as in the Seattle area, we see about a 1.5 month supply. Take November of 2012; we had over 30,640 homes and condominiums on the market (40 percent more).

Pending sales were up 1.56 percent from November of last year as brokers reported 6,624 units (compared to 6,522 a year ago); more signs that the market is stabilizing. This is not a bad thing as the stabilization of price appreciation to a more tolerable number can help us from running into the same thing that brought us down in the recent correction.

Closed sales were up 5.3 percent as we added 283 more transactions to the tally than we had the previous year. In November, we closed 5,616 transactions compared to 5,333 in November of last year. King County came in mixed as closed sales were down 2.9 percent while prices increased more than 7.5 percent.

The median price of homes and condominiums increased 4.86 percent (from $258,500 to $271,061). Condominiums were impressively up 14.2 percent across the board; and in King County, enjoyed a 17.4 percent increase (from $204,500 to $240,000). Even more impressive were the price of condos in Snohomish County; they shot up 19.7 percent. Single family homes were up only 4.1 percent from November of last year.

As the health of the market returns and the threat of higher interest rates loom, consumers are realizing that waiting may not play out in their favor. Those who are thinking of selling could benefit from listing now instead of waiting till January when inventory is expected to rise. The Expert Real Estate Group is here to help, just let us know how and you can thank us later!

October 2013 NWMLS Activity

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!

September 2013 NWMLS Activity

September sales continued to impress as after a brief uptick, the market enjoyed four weeks of falling rates ahead of the government shutdown.

New listings increased roughly 17 percent from a year ago; putting the total number of active listings ahead of the year ago number by 2.1 percent. However, 11 of the 21 Counties served by the Northwest Multiple Listing Service reported a decline in listing inventory from a year ago.

Pending sales rose 4.6 percent for all 21 Counties with 14 showing double digit gains while 3 reported declines.

The median price was up 8.7 percent from the previous year ($255,745 a year ago September and $278,000 last month). Seven Counties recorded double digit increases while five Counties reported lower median prices than a year ago. Prices for closed sales of single family residences rose 8.2 percent while condos rose 12.3 percent; understanding that condos make up a much smaller segment of the total market.

Closed sales in September increased 21.2 percent from a year ago; up to 6,711 from 5,536 in September of last year.

King County is showing 1.95 months supply of inventory while Snohomish County is showing 2.32 months; 4 to 6 months is generally viewed as a balanced market. This means the market still appears to be favoring Sellers.

If you’re tired of losing in this market; hire a team that can help you win!! The Expert Real Estate Group is all about you and your needs, let’s work together…we are at your service.

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?

July 2013 NWMLS Activity

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!

June 2013 NWMLS Activity

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!

May 2013 NWMLS Activity

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!

April 2013 NWMLS Activity

As the market continues its climb, multiple offers remain a firm presence as Buyers work  diligently to secure one of the few homes that may be available in their selected criteria! Northwest Multiple Listing Service members reached their highest volume of new listings since june of 2011 and came close to matching the pending sales number reached in May of 2007.

Members added 10,351 new listings to inventory in April, gaining 12.9 percent from the year ago number of 9,166. By the end of the month, there were a total of 19,826 listings for single family homes and condominiums system-wide (down 21.6 percent from the year ago number of 25,291).

Pending sales for single family homes and condominiums in the 21 counties served the Northwest MLS rose 9.2 percent from the year ago number of 8,790 to 9,600; which was just short of May 2007 when members reported 9,743 pending sales.

Closed sales also continues to outpace previous years numbers with members reporting 6,209 closed sales compered to 5,177 a year ago (nearly a 20 percent increase). Median prices also climbed from $240,000 at the same time last year to $269,950 last month.

This market appears to be driven by improvements in the overall economy, lower than normal interest rates and decreased supply. Let’s hope we don’t see any significant shifts in these variables as a continued correction depends on it! If I can help you in any of your real estate needs, please let me know as I always have my “finger on the pulse” of this market.

March 2013 NWMLS Activity

March 2013 median prices jumped 14.9 percent from a year ago for the 21 counties served by the Northwest MLS. The median price last month for single family homes and condominiums was $258,500 compared to $225,000 for the same time a year ago. Single family home prices were up 14.3 percent and condominium prices (which made up 12 percent of the sales) were up 19.6 percent. King County condominium prices soared 28.6 percent ($175,000 to $225,000); while single family homes there were up 18.8 percent ($330,000 to $392,000).

Brokers reported 5,745 closed sales in March compared to 5,044 from a year ago (up 13.9 percent). Pending sales were up 3.9 percent; rising from 9,126 accepted offers a year ago to 9,482 last month.

There were 9,332 new listing brought to the market which was still outpaced by the number of homes that went Pending; further depleting the supply of homes. Inventory reached a total of 18,500 active listings in March; down about 6,400 from the number at the same time last year. From a year ago, Snohomish County’s inventory is down 43.8 percent and King County’s is down 42.4 percent. There is less than 2 months of inventory system-wide (King County – 1.03 months, Snohomish County – .93 months and Pierce County – 1.68 months).

Prices are rising, competition is fierce, and multiple offers are becoming a norm! It is more important than ever to have the very best real estate representation in this type of environment; otherwise, one can experience a multitude of missed opportunities!

February 2013 NWMLS Activity

Closed sales were up in February more than 9 percent from a year ago and the median sales price rose as well; up 13 percent. The Spring market appears to be heating up!

Pending sales saw an increase of only 1.7 percent (7,754); the increase was slight mainly due to the shortage of inventory. Active listing are down 29 percent system-wide with Snohomish County seeing the biggest drop (47.7 percent); King County is second (45.3 percent) and Clark County is third (44.7 percent).

Brokers added 7,497 new listings to inventory last month which was still fewer than the number of pending sales by 257. This brought the total number of active listings to 25,510 at month end. Although it appears only 25 percent of the inventory is distressed, it makes for difficulty in finding the right home!

The median sales price for single family homes and condominiums was $247,500 which was a 3.4 percent gain from the previous month (January 2013). Compared to a year ago, the median price for single family homes was up 11.4 percent ($255,000) and condos were up 22.7 percent ($184,000).

All-in-all, the rebound appears to be continuing and more important than ever, one should hire a real estate professional who can best navigate these turbulent waters and provide the greatest likelihood of success. With over 21 years of hands-on experience and knowledge sought-after by other real estate professionals, consider “The Expert” for your next move!