Monthly Archives: June 2019

Home buyers are “better off,” but market is heating up

Source: NWMLS

KIRKLAND, Washington (June 6, 2019) – The housing market in western Washington may not be as hot
as it was last spring, but it is heating up, suggested one industry leader in commenting on the latest
statistics from Northwest Multiple Listing Service.

Matt Deasy, president of Windermere Real Estate/East, Inc. said his analysis of single family home sales
in King County reveals 7 out of 10 properties that sold during May had 15 or fewer days on the market. He
also noted more than half the listings (55 percent) in the county sold for at or above list price, the highest
ratio since July 2018.

Northwest MLS figures show last month’s 12,006 pending sales across its 23 county service area nearly
matched the year-ago total of 12,168 mutually accepted offers. Nine counties notched increases.

Two other indicators of activity – the volume of new listings, and the number of closed sales – both
showed slight gains from a year ago. MLS member brokers added 14,689 new listings to inventory during
May, up 165 units from twelve months ago. Year-over-year (YOY) closed sales rose about 1.6 percent
(from 9,011 in May 2018 to last month’s total of 9,153).

Several representatives of Northwest Multiple Listing Service commented on increasing activity:
 “The housing market definitely got busier in May with brokers reporting an uptick in showings,
open house traffic, and offers.”  OB Jacobi, Windermere Real Estate Co.

 “We are swinging into our summer market at a little faster clip than last year, and have a few
more houses for buyers to choose from.”  Frank Wilson, John L. Scott, Inc.

 “The spring real estate market remains very good for both buyers and sellers.”  Dean Rebhuhn,
Village Homes and Properties.

 “Buyers rejoiced at lower interest rates in May.”  J. Lennox Scott, John L. Scott, Inc.

In addition to favorable financing, Scott said, “Increased inventory and continued job growth built on
April’s momentum, translating to strong results in May.” While inventory has increased in many areas,
Scott noted there are still severe shortages of listings in some price ranges.

Inventory improved 24.5 percent from a year ago, with brokers adding 14,689 new listings to outpace the
12,006 pending sales. The MLS report for May shows 16,133 active listings at month end, up from the
year-ago total of 12,956. King County recorded the largest gain in total inventory, at more than 62
percent, but supply remained below 2 months in that and several other counties.

System-wide there was 1.76 months of supply at the end of May, well below the 4-to-6 months that
experts say indicate a balanced market. “While our inventory has grown a little, we’re still well within the
definition of a seller’s market,” said Frank Wilson, a broker in Kitsap County where there is only 1.46
months of supply.