With spring coming soon and consumers feeling good about where we’re headed, brokers are seeing good activity! Pending sales for February increased over 27 percent from a year ago. There were 7,623 pending sales last month which was the highest volume since August last year when we recorded 7,632.
Inventory continues to decline; down 22.5 percent from a year ago. Brokers added 7,390 new listings to inventory in February which was about 400 less than a year ago. Snohomish County has only about a 2.1 month supply of inventory while King County has 2.3 months. There are currently 25,510 active listings in the Northwest MLS system compared to 32,922 a year ago. Multiple offers have been reported in many areas attributed to these low inventory levels, the lowest interest rates since the 1940’s and prices that are low but appear to be stabilizing.
Asking prices are similar to a year ago. The median asking price for single family homes and condominiums is $249,900 only about $5,000.00 less than a year ago when that number was $254,950; a difference of only 1.98 percent.
There were 3,846 closed sales reported in February compared to 3,080 in the same month last year; a jump of 25 percent.
Now may be the right time to get back in the market so make sure you have a trusted professional represent you in your next real estate transaction!