Closed sales were up in February more than 9 percent from a year ago and the median sales price rose as well; up 13 percent. The Spring market appears to be heating up!
Pending sales saw an increase of only 1.7 percent (7,754); the increase was slight mainly due to the shortage of inventory. Active listing are down 29 percent system-wide with Snohomish County seeing the biggest drop (47.7 percent); King County is second (45.3 percent) and Clark County is third (44.7 percent).
Brokers added 7,497 new listings to inventory last month which was still fewer than the number of pending sales by 257. This brought the total number of active listings to 25,510 at month end. Although it appears only 25 percent of the inventory is distressed, it makes for difficulty in finding the right home!
The median sales price for single family homes and condominiums was $247,500 which was a 3.4 percent gain from the previous month (January 2013). Compared to a year ago, the median price for single family homes was up 11.4 percent ($255,000) and condos were up 22.7 percent ($184,000).
All-in-all, the rebound appears to be continuing and more important than ever, one should hire a real estate professional who can best navigate these turbulent waters and provide the greatest likelihood of success. With over 21 years of hands-on experience and knowledge sought-after by other real estate professionals, consider “The Expert” for your next move!
Forecasts for an early Spring have been confirmed as the NWMLS reported 4,289 closed sales in January which exceeded the year ago total by 820 transactions (increase of 23.6 percent).
Pending sales were also up 14.4 percent in January as members logged in 7,016 compared to 6,132 a year ago and also beating the highest previously reported January in 2005 when members reported 6,714 Pending sales.
Active listings continue to shrink as current inventory number show a decrease of 31.3 percent from January 2012. The hardest hit are Snohomish and King County where inventory is down 51 and 48 percent respectively. January’s current inventory stands at 18,008 as members added 7,096 new listings which surpassed the Pending sales number by just 80 listings. This is hopefully a sign that we may start to gain ground on inventory as construction starts are up in many areas!
Sixty percent of homes close to major metropolitan areas are selling in less than 30 days which represents twice the average rate. With rates continuing to be low and a reduced selection of properties, multiple offers are more and more prevalent.
As median home prices continue to rise (currently $239,300 compared to $214,990 a year ago; an increase of 11.3 percent) and buyers continue to invest in real estate, now may be as good a time as any to buy or sell real estate while taking advantage of this optimum market timing!