Puget Sound housing inventory is on the rise. That sounds like good news for buyers, but there’s a catch. The rise in inventory seems to have reignited buyer interest and there’s still only so many homes for sale to go around.
NWMLS has released it’s August update and they show numbers a month in which home sales were up but overall inventory remains insanely low.
NWMLS members saw 11,898 pending sales in August, a 12.2 percent boost from a year ago. In the four Puget Sound counties, there were 8,628 pending sales, which made it the best August for accepted offers since 2005.
The issue is that by the end of the month there were 18,336 homes available for sale across NWMLS broker listings, down 11.6 percent from a year ago and good for just 1.9 months of supply (you want at least four months, preferably).
King County’s August average sale price was $601,995 while the median sale price came in at $499,974. That median number is up 11 percent from August 2015 but down slightly from July’s $505,000. Single family homes saw a median sale price of $550,000 while condos surged 16 percent from last year to $335,000. King County also now has just 0.91 months of condo inventory, the least of anywhere in the region (because they can’t stop selling).
Median sale price in Seattle hit $625,000 while the Eastside is up to $769,000. Snohomish County’s median price comes in at $380,000 followed by Pierce with $283,225.