Summer is here and so is the housing inventory.
According to the Northwest Multiple Listing Service, the volume of new home listings added during June (13,658) was the highest total for any single month since May 2008 (14,176 new listings), according to the latest statistics from.
While the number of new listings was up 7 percent year-over-year, total inventory lagged. Brokers reported 14,482 active listings of single family homes and condos at the end of June, which is down 14 percent from twelve months ago when would-be buyers could choose from 16,838 listings. Compared to the previous month, however, inventory jumped up 16 percent (12,481 vs. 14,482).
The increase in the number of new listings means more choices for buyers. For sellers, the market remains at a steady pace of new listings selling in the first 30 days.
MLS brokers reported 12,397 pending sales (mutually accepted offers) during June for a gain of nearly 3.4 percent from a year ago. Compared to May, the volume of pending sales dropped slightly.
So what does this mean for you. With strong jobs, price appreciation and lower interest rates, this is a great time for sellers and buyers to maximize on the market.
If you think the market is slowing down, you'll see that Seattle is growing with about 1,100 residents per week.
You can start seeing the sprawl that is taking place from Seattle as buyers look for more housing opportunities. In Snohomish and Pierce County, prospective purchasers are driving up values.
Overall, it's a good time to sell and maximize on the market and find interested buyers. As for those looking to buy, you have more of an inventory/selection to choose from and what better time then capitalizing on the low interest rates.
If you're a seller or buyer interested in learning more about the NW Realtor Group services, please contact us today.