The Northwest Multiple Listing Service reported Sparse supply spurring more competition among motivated home buyers in Western Washington
“People are moving here, home prices will continue to increase, inventory shortages will occur. That’s our future,” remarked Dick Beeson, principal managing broker at RE/MAX Northwest in Gig Harbor, upon viewing the October statistics from Northwest Multiple Listing Service.
Active listings of homes and condos totaled 14,379, the lowest level since April. Compared to a year ago, last month’s selection declined more than 21% and was down 10% from September, according to the new report from Northwest MLS. The year-over-year and month-to-month volume of new listings also declined last month. On a positive note, MLS figures show system-wide gains in October’s pending sales (up nearly 5.6%), closed sales (up 4.1%) and prices (up nearly 7.7%) compared to a year ago.
The press release is for the Northwest. In King County, sales were up 5.3% year-over-year, and active inventory was down 23.5% year-over-year.
In Seattle, sales were up 7.6% year-over-year, and inventory was down 9.3% year-over-year.. The year-over-year increase in inventory has ended, and the months of supply is still low in Seattle (2.1 months). In many areas it appears the inventory build that started last year is over.
SOURCE: Calculated Risk – Read entire story here.