Although housing is on an upward trajectory around Western Washington, inadequate inventory is keeping competition high, the Northwest Multiple Listing Service May housing report found.
Mike Gain, a former chairman of the Northwest MLS board of directors, said “We are experiencing more multiple offers than I have experienced in my 35 years of practicing real estate in this marketplace.”
“This is a very difficult market for purchasers, our agents and brokers. If we had inventory to handle the demand our pending and sold numbers would be greatly increased. We desperately need good quality inventory,” Gain added.
May’s pending sales topped the 10,000 mark for the first time in twelve months.
Plus, last month’s total was the highest volume of pending sales since June 2006 when brokers tallied 10,448.
For single-family homes (excluding condos), the area-wide price rose 4.2%, increasing from $285,000 to $297,000.