Market Update

Last month I reported that we expected to see the market slow down in October, both because of new mortgage rules and seasonal adjustments. Well guess what, we were WRONG!

Newly released Northwest Multiple Listing Service figures for October show pending sales are up 7.8 percent from a year ago. Nearly half the counties in its service area reported double-digit gains in the number of mutually accepted offers. For the four-county Puget Sound region encompassing King, Kitsap, Pierce and Snohomish counties, Northwest MLS members tallied 6,977 pending sales, the highest October volume in a decade. Closed sales rose 7 percent from a year ago, increasing from 7,257 to 7,769. Broker Mike Gain agreed. “If we just had more homes to sell the number of closed units would have increased even more during October,” he stated. “Selling more homes at a faster rate than we are replenishing supply shows just how good the local real estate market really is,” remarked Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate.

Low inventory continues to drive the market, leading to multiple offers and higher prices. It is definitely still a sellers’ market although patient buyers are ultimately successful in purchasing homes.

Here’s the number of active and closed listings for single family homes in the city of Seattle:

Median sales price for single family homes in Seattle has remained steady this fall.

Contact me with any questions or for further information.