REAL ESTATE MARKET NEWS

According to an officer at Northwest Multiple Listing Service, market dynamics are influencing adjustments in housing prices, but with a limited inventory, well-priced homes continue to receive multiple offers. The latest statistics from Northwest MLS show a decrease in new listings, pending sales, and closed sales year-over-year, as well as lower prices and an increase in total active listings. Despite these trends, Frank Leach, the vice-chairperson of the MLS board of directors, believes it is still an excellent market, with increased activity expected in the summer. In April, brokers reported the highest volume of pending sales so far this year, and completed transactions surged 63.5% compared to January. The median price for last month’s sales of single-family homes and condos was down 8.6% compared to twelve months ago but up nearly 8.3% compared to January. King County, which accounted for 35% of last month’s closed sales, saw a decrease in median price year-over-year, but prices are up compared to January. Despite slower sales, the total supply of active listings has improved compared to a year ago.