Market offers hope for homebuyers, but Northwest MLS brokers say it may be temporary
*NOTE* – the data we are looking at is from the full month of June. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:
- number of active listings reached the highest level since November
- volume of new listings added last month was highest number in 17 months
- total active listings in Snohomish, King, and Pierce counties increased 14.5% from May
- “Low inventory and high demand coupled with low interest rates continue to drive up the market.”
- Snohomish County has the lowest inventory in the NWMLS, with inventory down more than 44% from a year ago
- “While pending sales saw a significant drop over this time last year, we believe that rather than that being an indication of a flattening of the market, this is a result of our extreme heat events, a typical summer slowdown as schools let out and people starting vacations, and, this year, the reopening of the country and discontinuation of COVID-19 restrictions.”
- well-priced properties are closing quickly
- across the NWMLS, the median sales price rose nearly 27% from a year ago
- “Generally speaking, July and August provide more opportunities for buyers as there is less competition because of vacations and fewer relocation buyers in mid-summer.”
To read the full press release, click here.