“It’s been the best summer for sales activity ever, with June, July, and August clocking in a record number of transactions,” says Lennox Scott, chairman and CEO of John L. Scott Real Estate.

“The other big stories are the high sales activity compared to new listings coming on the market, with pending sales activity virtually matching the number of new listings in August, and record low inventory.”

In the Snoqualmie Valley, homes continue to sell quickly, and often with multiple offers. New listings were up 14.2 percent compared to August of 2016 and pending home sales increased 25 percent.

That being said, overall inventory is down 23.4 percent from last year. In fact, as the summer market comes to a close and we head into fall, low inventory appears to be the new normal.

According to the Northwest Multiple Listing Service, last month was the lowest August on record for total active inventory. In King County listings are down almost 21 percent from August of 2016; listings are also down 10.6 percent in Snohomish, 14.46 in Pierce, and 18.85 in Kitsap Counties.

One of the side effects of the decrease in overall inventory in Seattle and the Eastside is the migration of homebuyers to Snoqualmie Valley. More affordable homes, coupled with bigger lots, make the area very attractive. New construction sales are brisk as well, which could account for the overall increase in the median home price, from $551,000 in August of 2016, to $650,000 last month.

September and October will see new listings drop by about 20 percent from the summer months, so the next two months will be the best opportunity for selection and availability for buyers to purchase a home, because starting in November, the number of new listings will drop another 30 percent over the winter.

Interest rates and job growth also play into the record-breaking summer; we’re experiencing the lowest rates since last November, and job growth remains very strong.