We’re finally getting a taste of spring we so deserve after all the snow this winter! This is typically one of the busiest times of the year for me and this year is no exception, especially with some delays here and there due to the snow. I am glad we are past snow on the ground in my listings photos, vendors getting stuck trying to reach my client’s homes, and landscapers trying to dig into frozen ground to plant new hedges. With spring now in full swing we’re seeing a big surge in the number homes being listed on the Northwest Multiple Listing Service, which is good news for buyers. Directly from the NW MLS here are some of the numbers I’m watching right now. These data points represent a comparison so the same month last year (April 2018):
- 28.5% overall increase in active listings
- 5.8% increase in pending sales
- 2.4% percent increase in the median price for single family homes
- 1.9% decrease in closings
While the increased list volume is a good sign for buyers, the market, especially in King County, still favors sellers. Right now we’re looking at around 2 months of inventory and even a bit less in hot areas. A normal market is represented by 6 months of inventory, meaning it would take about 6 months to sell all the active listings on the market. This is still great news for buyers who may have been getting bid out of the market last summer, because interest rates are low and the increased inventory means buyers now have a couple of weeks vs. days or even hours to make a decision. As a comparison nationally, the country on average has about 3.9 months of inventory.
Interesting to note is that in light of single family home prices increasing by 2.4%, condo prices in King County fell by 3.2% compared to this time last year. Keep an eye out for deals here if you’re in the market for a condo.
Finally, I’d like to plug my companies annual open house treasure hunt happening this Saturday, May 18th. If you’re already planning on touring homes this weekend, why not do it with the chance at winning some of the $200,000 in cash and prizes up for grabs! Learn more on the TCT Treasure Hunt here.
-Jennifer