January 2007 NWMLS update

The NWMLS January 2007 update was recently released highlighted by a slow January start:

Members of Northwest Multiple Listing Service reported rising inventory, slower – but an improving pace of sales, and rising prices compared to a year ago. The mood is upbeat:

• “Demand will outpace inventory in the second and third quarters of 2007,” predicts one MLS director;
• “The 2007 real estate market kicked off much stronger than anticipated,” remarked another broker;
• “When the sun came out, so did the buyers,” according to another MLS director.

January is typically a month of strong listing activity and this year was no exception. MLS members added 11,719 new listings to inventory during the month, nearly 1,300 more new listings than twelve months ago. That volume boosted the month-end total to 30,700 offerings of single family homes and condominiums, a 39 percent jump over a year ago.

Condos did exceptionally well:

• In King County, condos accounted for more than 29 percent of last month’s pending sales.
• The median price for January’s closed sales of condos in King County was $274,900, up $45,000 (19.6 percent) compared to twelve months ago.

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