Pending sales of homes in Western Washington have seen a 13% increase compared to one year ago and listing activity continued to increase, According to NWMLS, along with the increase in the number of mutually accepted offers, data shows an increase in year over year CLOSED sales (up 4.6%) and prices (up 2.5%). Inventory levels have declined, however, dropping about 1.2% throughout Western and Central Washington.
In September 2014, we saw 6.551 pending sales, compared to 5,193 pending sales in September 2013 and an impressive 6,020 closed sales, a 4.6% increase when compared to the 2013 numbers.
Sale prices have also increased 2.5% in 2014, with the median sale price being $285,000, compared to $278,000 in 2013. 5 counties have seen double digit increases, with King County increasing 9.1% in 12 months, rising from $384,925 to $420,000.
The luxury market has also been very strong, primarily the demand for homes over the $2 million mark. This can be attributed to the economic boom we are seeing in Seattle, an interest from International buyers and foreign investors as well as an increase in executive level positions for large companies. This is great news for Seattle home sellers, as well as a positive indicator regarding Seattle’s real estate market health.
Although it is a great time to sell your home, pricing your home correctly from DAY 1 is more important than ever. Today’s buyers are educated and have a good understanding of market value. Homes that are priced above market value are not getting offers, resulting many times in the homes being sold well below market value.
Industry experts have been weighing in on WHERE the real estate market is headed. Many agree that we are seeing a slight correction in the market, with a balance of pricing, inventory and overall health. J. Lennox Scott, CEO and Chairman of John L Scott Real Estate shared that “As we head into fall, we expect sales to remain strong-and market conditions are already shaping up for a brisk market starting the first of the year.”
Stay tuned this week, I will be sharing some valuable information about the economic projections for 2015, with Dr. Krishna Rao, Ph.D, economist at Zillow. I am looking forward to sharing with you all the insight I learn as they relate to current market conditions and what we can expect for housing in the area next year!