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.
MLS figures for its 23-county service area show 1.73 months of supply overall. Ten counties, mostly in the Puget Sound area, have less than two months of supply of single family homes and condominiums, whereas 4-to-6 months is a level industry-watchers use as a gauge of a balanced market.
Northwest MLS records show the last time the supply of homes and condos exceeded three months was February 2015, when there was just over 3.5 months of supply.
Compared to the same month a year ago, October’s supply of active listings declined by double-digits in 18 of the 23 counties in the NWMLS report. Thurston County had the sharpest decline (down 35.5%), followed by Pierce (down 28.7%) and Kitsap (down nearly 27%).
Despite the slim selection, demand was strong as the volume of pending sales (9,517) outgained the number of new listings added during October (8,394). Nine counties reported double-digit jumps in pending sales compared to 12 months ago.
Northwest MLS figures show sales prices continue to be wide ranging, not only when comparing counties in the report, but also within many counties.
In King County, for example, the median price on last month’s 2,757 completed transactions was $605,000, down about 1.4% from a year ago – one of only two counties where YOY prices slipped. (Clark County reported a drop of 2.75%.) Within King County, where Northwest MLS tracks 30 sub-areas, median sales prices ranged from $371,000 (in Des Moines/Redondo Beach) to $1,892,500 (in Bellevue west of I-405).
Year-over-year price changes ranged from a drop of nearly 20% (in Vashon) to a jump of more than 21% (in Bellevue west of I-405).
Northwest MLS members tallied 8,335 closed sales last month, improving on both the previous month (up 4.7%) and same month a year ago (up 4.1%). Through 10 months, closed sales are lagging 2018 totals by 1,140 units (-1.4%).
The area-wide median price on October’s completed transactions was $420,000, matching September and surpassing the year-ago price by nearly 7.7%.
Source: NWMLS 11/7/19