News that hits us where we live.
June 2015 | Home Buyers are Sprinting, but Sellers are Stalling
Home buyers are in "full sprint" mode while sellers are stalling, resulting in inventory shortages and multiple offers on well-priced homes in many Seattle neighborhoods and beyond.
Although inventory has dropped double digits compared to a year ago, both home sales and prices show double-digit gains.
Pending sales jumped more than 10 percent in May compared to the same month a year ago, rising from 10,373 mutually accepted offers to 11,425. Last month's pendings rose slightly from April's total of 11,384.
For the Puget Sound region encompassing King, Pierce and Snohomish counties, the MLS recorded 7,327 pending sales - the highest total for the month of May in at least 15 years.
With demand exceeding supply, prices continue to climb and sellers may never see a better time to sell.
In King County, the median sales price for single family homes and condos (combined) was $434,000, an increase of 9 percent from twelve months ago when brokers reported a median sales price of $398,000. Prices on single family homes (excluding condos) that sold in King County jumped to $480,942, about the same as April ($480,000), but up nearly 8.8 percent from the year ago figure of $442,250.
MLS statistics also show 887 single family homes priced at $1 million or more have sold during the first five months of the year. That compares to 696 for the same timeframe a year ago for a jump of more than 27 percent.
Historically low interest rates, a growing economy, improving consumer confidence and consumer finances are expected to continue to fuel activity and push up the numbers. Anyone who can buy a home today at today's prices with today's low interest rates should do it. Prices and monthly payments will never be lower than they are today.