Pending sales of homes hit an all-time high for the month of November, according to the latest statistics from Northwest Multiple Listing Service.
The report released on Monday covering 23 counties around Washington state also shows the number of new listings added during the month plunged to the lowest level in 11 months, prompting MLS leaders to predict a busy winter for residential real estate as buyers compete for the smallest inventory since March.
“Last year’s holiday season ended up being the best time to sell a home around King County as sellers took the winter months off, but buyers remained persistent. The supply of homes for sale hit a post-recession low, and so far, this year is mirroring last winter’s trends,” said Northwest MLS director Robert Wasser, owner/broker at Prospera Real Estate in Seattle.
Figures for November show a 13.2 percent drop in inventory of single-family homes and condominiums, a 9.4 percent gain in pending sales, a 31.3 percent spike in closed sales, and an 11 percent increase in prices compared to the same month a year ago.
At month-end, there was only 1.69 months of supply system-wide, believed to be a new low. For the four-county Puget Sound region there is only 1.22 months of supply, with King County having the lowest level at under a month (0.96).
Pending sales (mutually accepted offers) totaled 8,217, and eclipsed the number of new listings (5,779) by 2,438 units. That imbalance depleted total inventory, dropping the number of active listings to 13,303, down 13.2 percent from a year ago.
The median price on last month’s closed sales of single-family homes and condominiums area-wide was $342,000, up 11 percent from the year-ago figure of $308,000.
Thirteen counties in the Northwest MLS service area reported double-digit price increases last month compared to 12 months ago. Prices in King, Pierce and Snohomish counties jumped between 14.4 and 15.3 percent, but the largest spikes were in Okanogan (up 41.4 percent) and Jefferson (up 39.5 percent) counties.
King County reported the highest median price for single-family homes at $550,000 (up 10 percent year-over-year).
In King County, which accounted for more than six of every 10 condo sales, year-over-year prices jumped more than $30,000 — from $298,500 to $328,844 (up about 10.2 percent).
“Seattle continues to defy all forecasts and now has the distinction of being the hottest market with the fastest-rising prices in the nation,” said Mike Grady, about the latest home price index from S&P Case-Shiller. “We believe the market will continue to be extremely active through the winter and beyond, although the Fed’s expected interest rate hike may affect this somewhat and provide some relief to buyers.”
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