October Puget Sound Market Update
The real estate statistics such as active listings, new listings, pending sales, closed sales and months of inventory are all important metrics when we talk about market trends.
We're now in October, therefore this month statistic is not up yet, so we'll look at the year-to-date and year-over-year data until September this year.
We Look at the Puget Sound as King, Snohomish and Pierce Counties. Below we are going to delve into each of the metric for each county.
Active Listings - Inventory of properties listed for sale that have not yet accepted an offer.
New Listings - Residential and condominium properties added to the inventory during the reporting period (included in active listing totals).
Pending Sales - Residential and condominium properties where the purchase and sale agreement has been signed by buyer and seller, but the transaction has not closed (pending arrangements for financing, home inspection, sale of buyer’s home, or other reasons). Figures include all transactions that became “pending” during the period unless the listing went back on the market during the same period.
Closed Sales - Residential and condominium sale transactions that have closed (the final procedures in a real estate sale during which ownership of a property transfers from seller to buyer in accordance with a contract), documents are executed and/or recorded, and funds are available to the seller.
Months of Inventory - The ratio of active listings to closed sales (derived by dividing the total number of active listings on the market by the total number of closed sales).
Median Price - The “middle” price, meaning that there are an equal number of sold units at a higher and lower value, the middle value being the median. Example: If you wanted to find the median sales price for 5 listings with sales prices of $100,000, $200,000, $250,000, $300,000, and $600,000 – the price in the middle of the list is $250,000.
We see fewer active listings in recent months, as well as new listings on the market. We also saw fewer homes accepting offer or closing (sold). Months of inventory improving slightly in the last few months, but still below balanced market of 4 to 6 months. Median prices are roughly stagnating.
If you have any further questions or I did not cover specific area or metric of your interest, please don't hesitate to contact me. I'm always here to help.