SEATTLE -- The tight real estate inventory in Western Washington led to a drop in listings and fewer multiple offers in June, but home prices continued to climb. It may be a sign of more people priced out of the market.
The Northwest Multiple Listing Service, which tracks 23 counties, says the number of listings in June 2016 compared to June 2015 fell over 17 percent. Pending sales year-over-year rose nearly five percent.
Prices continued to increase. The median price for a residential home or condo was at $350,000, up nearly nine percent.
Throughout Western Washington, there were more pending and closed sales overall than a year ago, but pending condo sales alone were down 2.77 percent.
An analysis by John L. Scott CEO J. Lennox Scott found there were fewer multiple offers for each new listing, but 80 percent of new listings still sold within the first 30 days. There were 1.7 months of supply across the market. Realtors say a balanced market is 4-to-6 months of inventory, so it's still very much a seller's market.
Here are some key breakouts for Puget Sound counties (combined residential and condo:
- Listings: -9.24%
- Pending sales: -0.71%
- Closed sales: +2.9%
- Median price: $510,000 (up 13.33%)
- Highlight: Median price just for residential homes was $573,522, up from $500,000 a year ago.
- Listings: -24.42%
- Pending sales: +3.5%
- Closed sales: +8.66%
- Median price: $372,150 (up 7.17%)
- Listings: -20.19%
- Pending sales: +10.07%
- Closed sales: +10.89%
- Median price: $280,000 (up 11.33%)
- Listings: -17.15%
- Pending sales: +7.03%
- Closed sales: +14.69%
- Median price: $297,000 (up 12.08%)
- Highlight: Median prices for condos dropped from $209,750 to $171,500 based on 22 closed sales.