Northwest MLS Housing Report for April signals good news for home buyers

KIRKLAND, Washington (May 6, 2019) –

Housing activity during April signaled good news for buyers
in Western Washington as inventory continued to grow, the rate of price increases was slowing in many
areas (and even decreasing in a few counties), and mortgage rates remained low.


Northwest Multiple Listing Service statistics for last month show a 28.5 percent overall increase in active
listings compared to the same month a year ago, a 5.8 percent gain in pending sales, and a 2.4 percent rise
in median prices for sales of single family homes and condos that closed during April. The volume of
closings dipped slightly (down 1.9 percent).


“Listings were popping up like April flowers and the bloom has produced a vibrant and healthy market,”
exclaimed MLS director John Deely, principal managing broker at Coldwell Banker Bain. “With an
increased supply of listing inventory, low interest rates, and a positive economic climate, buyers are
confident that this is a good time to buy,” he reported, while noting a larger number of buyers are opting
out of competing with other buyers.


“This year’s buyers and sellers are approaching the market with more caution and a focus on an
analytical, versus emotional approach that has ruled the last several years,” Deely said.


Northwest MLS members added 11,697 new listings to inventory during April for a year-over-year gain
of nearly 3.8 percent. During the same period, brokers reported 11,188 pending sales (509 fewer than the
number of new listings), resulting in net gains in the number of active listings in many counties, but
changes in inventory were wide ranging across the 23 counties the MLS serves.


Seven counties had double-digit growth in inventory from a year ago, led by King County (up 78.5
percent) and Snohomish County (up nearly 57 percent). The number of active listings declined in 10
counties, with Jefferson County reporting the biggest drop at 24.8 percent. System-wide inventory at the
end of April totaled 12,955 active listings, which represents a 7.8 gain from March.


“The spring market has arrived, bringing new listings and sales,” stated Dean Rebhuhn, owner of Village
Homes and Properties in Woodinville. Sellers who have prepared their homes for sale are experiencing
brisk activity, and buyers are finding more opportunities to purchase, thanks to low mortgage rates and
increased inventory, according to Rebhuhn.


“As we head into the prime buying and selling season, we’re seeing better news for buyers in King
County, with statistics showing there’s a bit more time to look and make a decision,” said Mike Grady,
president and COO of Coldwell Banker Bain. Pointing to the 78 percent increase in total active listings in
King County and the 57 percent jump in inventory in Snohomish County, he described the year-over-year
gains as “impressive,” but noted there is still less than two months of inventory in many areas. “Buyers
now have three-to-four weeks instead of three-to-four days to make a decision, so it’s still quite a ways
from a balanced market,” he emphasized.

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