Home buyers didn’t let the holiday season slow them down as January’s pending sales (mutually accepted offers) outpaced the number of new listings according to the latest NWMLS Market Update.
There were 871 more pending sales in January than new listings system-wide (the 23 counties covered by the NWMLS). The 7,388 total pending sales was a 2.3 percent decrease from a year ago. By month’s end there were 7,791 active listings—down 33 percent from last year’s total of 11,687. Out of the 180-month span from 2005 through 2019, inventory dipped below 10,000 only 8 times.
Inventory continued its decline with the high buyer demand. At the end of January the inventory was down to 1.54 months. The number of closed sales was up 4.3 percent with the median close price increasing 10.7 percent to $422,750, up from $381,900 in January 2019.
King County’s median close price grew 4.4 percent to $589,950, in addition to a substantial inventory decrease from 2.34 months in 2019 to 1.27 months this year. In Seattle, the median increased nearly 4.7 percent to $670,000 with 1.38 months of inventory.
The other Puget Sound counties all recorded double digit growth while inventory levels remained below 2 months: Snohomish County with a 12.8 percent increase and 1.24 months; Pierce County 14.7 percent, 1.11 months; and Kitsap County 11.8 percent, 1.18 months.
With continued job growth and low interest rates, we can expect the competitive market to continue as we shift into the spring months.