Sales are slightly off the mark in February as compared to the year ago numbers. Members blame a lower inventory yet system-wide listings are up 6.4 percent from the same time last year while new listings are down. The market appears to be taking a breather from the recent activity to the upside. Buyers and sellers alike are looking toward an aggressive Spring market…so while interest rates are still low, one should be looking at making a move!
Members of the Northwest Multiple Listing Service added 7,234 new listings to inventory in February compared to 7,497 in February 2013 (a decline of about 3.5 percent); bringing the total listing inventory to 19,273 (a year-over-year gain of 6.4 percent). If we look at inventory by months supply, we have improved from 4.3 months a year ago…to 4.6 months. King County was tighter with a 2.6 months supply compared to Snohomish County at 3.2 months.
Pending sales saw 507 fewer than a year ago; a decline of 6.5 percent. Closed sales of 4,196 were about even with this same time last year when they were reported at 4,205.
The median price of closed sales last month was up about 6.3 percent from a year ago; and 3.1 percent from January. This was not true in all areas; nine out of twenty one counties saw year-over-year increases. The median price in all areas was $263,000; up from $247,500 a year ago. Condos prices shot up about 17 percent ($184,000 in February 2013 to $215,500 last month).
This market needs a professional to assure buyers don’t over-pay and sellers have all the information necessary to make an educated decision. The Expert Real Estate is the first choice for many looking to take advantage of such extensive knowledge, high integrity and great service. Contact us today for a free consultation!