January market stats have been published by the NWMLS. Here’s a quick excerpt from their press release:
Home Buyers Still Competing for Sparse Inventory in Western Washington, Driving Up Prices – Especially for Sought-After Condominiums
“The Seattle area real estate market hasn’t skipped a beat with pent-up demand from buyers is stronger than ever,” remarked broker John Deely in reacting to the latest statistics from Northwest Multiple Listing Service. The report on January activity shows a slight year-over-year gain in pending sales, a double-digit increase in prices, and continued shortages of inventory.
“The decline in sales last month can’t be blamed on the holidays, weather or football. It’s simply due to the ongoing shortage of housing that continues to plague markets throughout Western Washington,” said OB Jacobi, the president of Windermere Real Estate.
Bummer for home salespeople that they can’t use the “football” excuse they usually throw out in January. Not that there’s really anything in these latest numbers for them to be concerned about.
Now let’s dive into the numbers for January…
Inventory is at its lowest January level ever, and new listings were only barely above last year’s record-low level. Despite having nearly the same number of new listings as last year, closed sales and pending sales are both down considerably. Meanwhile, prices are up nearly twenty percent year-over-year.