NWMLS Monthly Press Release
Real Estate Brokers Expect No Holiday Breather
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 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.
Figures for November show a 13.2% drop in inventory of single family homes and condominiums, a9.4% gain in pending sales, a 31.3% spike in closed sales, and an 11% increase in prices compared to the same month a year ago.
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% 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% from the year-ago figure of $308,000. August was the only other month this year with year-over-year double-digit appreciation for prices area-wide.
Prices for single family homes (excluding condos) rose 10.9 % from a year ago to $350,500. King County reported the highest median price for single family homes at $550,000 (up 10 % year-over-year).