“November Surprise” brings “plenty of buyers,” uptick in home sales, prices.
Brokers with Northwest Multiple Listing Service reported “plenty of buyers” competing for sparse inventory during November, which ended with a 7% year-over-year increase in pending sales. The volume of mutually accepted offers rose even more (9.2%) in the tri-county Puget Sound region consisting of King, Pierce and Snohomish counties, with Snohomish leading that list with a jump of about 12%.
Median sales prices also jumped compared to both a year ago and to October. For November’s 7,216 closed sales (which were up 5.5% from a year ago), the area-wide sales price was $434,900, a gain of about 10% from the same month a year ago. Compared to October, last month’s price on sales of single family homes and condos (combined) jumped 3.5%.
King County’s median price of $612,000 led all other counties, but prices there edged up just over a percentage point compared to a year ago.
“As we head into the winter months we’re seeing the normal tapering off of demand, but there are still plenty of buyers in the market so I don’t expect things to slow down too much,” remarked OB Jacobi, president of Windermere Real Estate. “Looking forward, home prices will likely end the year higher than last year, but not by much. Price growth should pick up some steam again in 2020 thanks to low interest rates and continued demand for homes,” he added.
The report covers:
Seattle residential neighborhoods of West Seattle, South Seattle, Central Seattle, Queen Anne-Magnolia, Ballard-Green Lake, North Seattle, Shoreline-Richmond Beach, and Kenmore-Lake Forest Park.
Eastside residential neighborhoods of South Eastside, Mercer Island, West Bellevue, East Bellevue, East Lake Sammamish, Redmond, Kirkland, Woodinville, and Renton Highlands.
Downtown Bellevue and downtown Seattle condominiums.
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© Copyright 2019. Information and statistics derived from Northwest Multiple Listing Service.