February 2013 NWMLS ActivityPosted: March 28, 2013
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!