November statistics from Northwest Multiple Listing Service surprised few brokers. They point to holidays, inclement weather, and various economic factors for prompting pauses in listing and sales activity. Nonetheless, several industry leaders commented on positive signs, fueled in part by pent-up demand and evidence of easing inflation pressures.<\/p>\n\n\n\n
\u201cDetermined buyers are purchasing homes, with pent-up demand driving the market,\u201d reported Dean Rebhuhn, owner of Village Homes and Properties in Woodinville. \u201cSellers who price to the market are attracting showings and receiving good offers,\u201d he added, noting King County experienced an average of 55 sales per day last month, with year-over-year (YOY) median prices in King County up $10,000, rising from $740,000 to $750,000.<\/p>\n\n\n\n
Northwest MLS figures show both pending and closed sales fell sharply from a year ago, but median prices system-wide edged up slightly (0.88%), from $570,000 to $575,000. Pending sales (mutually accepted offers) across the 26 counties in the report were down 40% (dropping from 8,571 a year ago to 5,106) while closed sales fell 42% (declining from 8,976 to 5,194). NWMLS figures show brokers closed an average of 173 sales per day across all counties.<\/p>\n\n\n\n
The volume of closed sales, at 5,194, was the lowest level since February (5,147) and January (5,085). Compared to January\u2019s median price of $555,000, last month\u2019s buyers paid 3.6% more ($575,000).<\/p>\n\n\n\n
\u201cOur traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,\u201d stated John Deely, executive vice president of operations at Coldwell Banker Bain. \u201cThese conditions make it easier for consumers to place large purchases on hold, though we saw several notable sales in the luxury market over the last month, as real estate is still one of the best investments one can make,\u201d he remarked.<\/p>\n\n\n\n
Data from the multiple listing service shows 15.84% of November\u2019s sales topped $1 million, while a year ago 13.96% of sales were at that level.<\/p>\n\n\n\n
While some buyers are taking advantage of the expanding inventory as the market swings to their advantage, Deely said others are hesitant. \u201cSome buyers are sitting on the sidelines waiting for interest rates to come down or thinking prices will come down even further.\u201d<\/p>\n\n\n\n
Inventory statistics were mixed. Brokers added 4,890 new listings during November, a decline of 24.2% compared to the same month a year ago when they added 6,455 new listings.<\/p>\n\n\n\n
At month end, there were 12,245 total active listings, a whopping increase (about 165%) from the selection of a year ago when there were only 4,621 active listings.<\/p>\n\n\n\n
Measured by months of inventory, November\u2019s supply, at 2.36 months, was best since January 2019 when the overall selection reached 2.4 months of inventory.<\/p>\n\n\n\n
Frank Leach, broker\/owner at RE\/MAX Platinum Services in Silverdale, commented on Kitsap County\u2019s improving inventory. Northwest MLS figures show there was just under two months of supply (1.95 months), last month whereas a year ago there was only about two weeks of supply (0.57 months).<\/p>\n\n\n\n
Leach described the market as \u201cnormalizing,\u201d adding, \u201cWe have seen an uptick in open houses, with healthy traffic during October and November. We anticipate brisk sales across the holidays and into the new year with inventory building toward the end of December and into January. We\u2019re telling folks to get pre-approved and have all their documents in so if the market does take a swing, they will be ready to seize the opportunity.\u201d<\/p>\n\n\n\n
The latest statistics from Northwest MLS show both pending sales and closed sales in Kitsap County fell about 33% year-over-year. Median prices edged up slightly more than 1%, from $500,000 to $505,471.<\/p>\n\n\n\n