NWMLS Stats indicate buyers have more options

Buyers across Washington state have more options, thanks to growing inventory, moderating prices and mortgage rates that are trending slightly lower, according to the Northwest Multiple Listing Service report for September activity.

Brokers in the 27 counties served by NWMLS reported a 27.3% year-over-year increase in the number of active listings, rising from 15,748 to 20,052. The inventory includes single family homes and condos. When compared to August, last month’s inventory declined slightly, by 167 listings. Twenty-three counties had double-digit increases from the same month a year ago.

King County reported a gain of 24.1%, but Kittitas had only a 7.6% YoY increase in active listings. System-wide there was a 27.3% increase.

“Initially, high interest rates discouraged both sellers and buyers, but in recent months, sellers have been listing properties at a faster rate than buyers have been purchasing them.” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington. To some extent, he added, “These changes may reflect typical seasonal fluctuations, but at some point, the laws of supply and demand may prevail, and prices may lose some of their stickiness.”

Pending sales registered a modest 2.4% gain compared to a year ago. King County reported a 1.6% increase while mutually accepted offers in Kittitas County rose 7.2%.

The number of closed sales of single family homes and condos (combined) during September increased 5.9% from the same month a year ago. Compared to August, closed sales decreased 2.7%.

Nineteen of the 27 counties saw an increase in closings while five had a decrease and three counties were unchanged from a year ago. Brokers in King County reported a 6.5% uptick in closings while Kitsap County brokers reported a 1.3% decline.

Of the completed transactions, almost 90% were single family homes. They rose 4.1%. Condo sales surged 19.2%.