According to the Northwest Multiple Listing Service (NWMLS), there have been a record high number of pending home sales. It has easily surpassed the totals of this time last year by 1,800 transactions!
Buyer confidence as well as buyer ability to purchase are fueling this activity. The long, pent-up demand is finally being unleashed and that's what we're seeing in the market.
"We are still very clearly in the midst of a seller's market and unless we see a significant increase in listings, it will remain that way for the foreseeable future," remarked OB Jacobi, president of Windermere Real Estate. Jacobi and other brokers reiterated the dire need for listings.
Members added 11,495 new listings to inventory during April, but brisk sales kept supply tight and well below the level of a year ago. At the end of April, the MLS reported 18,132 listings of single family homes and condominiums in its database, a drop of more than 15 percent from the year-ago total of 21,390.
Compared to March, inventory at the end of April improved by 6.6 percent, but pending sales jumped 13.7 percent from the previous month.
"We're in desperate need of inventory so I hope to see an increase in listings as we move further into the late spring/early summer," stated Jacobi.
Check out the NWMLS for more of this market update.
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