Latest Stats from the Northwest Multiple Listing Service

Here's a brief recap of November's activity and the general health our our local real estate market:

• Brokers added about the same number of new listings to inventory in November 2006 as they did in November 2005
• In King County, home prices jumped 13.6%, with the median price climbing from $350,000 to $397,500.
• Pending sales dropped from last year's volume, which set records in November.
• For buyers, the news is good because inventory is 35% greater than a year ago, so there are more homes to choose from available on the market.
• 8,453 listings were added to inventory last month, nearly matching the volume of a year ago when 8,560 listings were brought onto the market in November. With those additions, the inventory rose to 31,874 active listings, up about 35% from a year ago.
• Sales price appreciation for closed sales (completed transactions) of condos outpaced single family homes, with prices increasing, on average, more than 21% over November 2005.
• The market is normalizing, becoming more balanced for both buyers and sellers.

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