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Real Estate Inventory Dips, Sales Rise in November

Closings were up and listings were down year-over-year in November 2012, but in some areas, prices dipped as well.

Real estate brokers expected some seasonal slowing during November, but last month’s falloff was less than what some industry veterans anticipated, the Northwest Multiple Listing Service said in a press release issued last week. Members of the NWLS reported 6,522 pending sales last month -- the highest total for November in six years.

The press release said new figures from the MLS show last month’s pending sales throughout the NWMLS' 21 counties rose 6.9 percent compared to a year ago, and was the best November for mutually accepted offers since 2006 when members tallied 7,022 pending transactions. As expected, the volume dropped from October’s total of 8,312 pending sales. 

Closed sales and selling prices both rose during November versus a year ago, while the selection continued to shrink, the report said. On the Eastside, active inventory for residential housing was down 47 percent from November 2011, with 634 new listings compared with 677 new listings in the previous year's month, and a total of 1,570 active listings. The percentage changes in NWMLS map areas that include Sammamish and Issaquah were reflective of this trend.

Closed sales were up in both areas year over year in November--up nearly 40 percent in the area that includes the portion of Issaquah south of Interstate 90, as well as parts of Bellevue, though the average closing price is down more than 10 percent there to an average of $465,000.

Meanwhile, in the NWMLS map area that includes Sammamish and the Issaquah Highlands, as well as communities to the East such as Snoqualmie and North Bend, closings were up 18.3 percent over last November, and prices were up 10.7 percent, to an average of $456,000.

See some of the recent home closings in Issaquah and Sammamish here on Patch, and research current homes for sale on Patch's Real Estate page.

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