KIRKLAND— Brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight, according to Northwest Multiple Listing Service (NWMLS) representatives who commented on the latest housing activity report.
The Northwest MLS report for July, which covers 23 counties in Washington state, shows brokers added 12,514 new listings during July, up from the year-ago total of 11,193 for a gain of 11.8%.
Pending sales jumped nearly 14%, while inventory remained well below year-ago levels (down about 39%). Measured by months of inventory, the system-wide supply slipped to about a month (1.04 months). MLS member-brokers reported 9,840 closed sales during July, up slightly more than 3% from a year ago, and the highest volume since June 2018 when they notched 10,072 completed transactions.
Overall prices on those sales, which include single-family homes and condominiums, jumped 12.8% from 12 months ago, rising from $429,900 to $484,995. Prices on single-family homes (excluding condos) surged 13.6% (to $499,950), while year-over-year (YOY) condo prices rose about 8.6% (to $380,000).
“Opportunities abound for both buyers and sellers if they’re willing to act quickly,” said Mike Grady, president and COO of Coldwell Banker Bain in Bellevue. “Interest rates at historical lows means those who are looking to purchase their first or even their second home can get much more for their money.”
Grady said a broker in their Kirkland office reported her first-time homebuyer client obtained a 30-year, fixed-rate FHA secured loan at an incredible rate of 2.25%.