March 2013 median prices jumped 14.9 percent from a year ago for the 21 counties served by the Northwest MLS. The median price last month for single family homes and condominiums was $258,500 compared to $225,000 for the same time a year ago. Single family home prices were up 14.3 percent and condominium prices (which made up 12 percent of the sales) were up 19.6 percent. King County condominium prices soared 28.6 percent ($175,000 to $225,000); while single family homes there were up 18.8 percent ($330,000 to $392,000).
Brokers reported 5,745 closed sales in March compared to 5,044 from a year ago (up 13.9 percent). Pending sales were up 3.9 percent; rising from 9,126 accepted offers a year ago to 9,482 last month.
There were 9,332 new listing brought to the market which was still outpaced by the number of homes that went Pending; further depleting the supply of homes. Inventory reached a total of 18,500 active listings in March; down about 6,400 from the number at the same time last year. From a year ago, Snohomish County’s inventory is down 43.8 percent and King County’s is down 42.4 percent. There is less than 2 months of inventory system-wide (King County – 1.03 months, Snohomish County – .93 months and Pierce County – 1.68 months).
Prices are rising, competition is fierce, and multiple offers are becoming a norm! It is more important than ever to have the very best real estate representation in this type of environment; otherwise, one can experience a multitude of missed opportunities!