As the market heats up and the Spring weather returns with low inventory and very attractive interest rates, Buyers are tripping over one another to buy and sellers are feeling very confident about their position in the market!
Members of the Northwest Multiple Listing service (NWMLS) added 7,852 new listings to inventory in February; exceeding the year ago number (7,234) by 618 units. Total inventory at month’s end was 16,946; 12 percent less than last year when inventory stood at 19,273…buyers are feeling the pinch.
Pending sales of 8,599 units is up 18.7 percent as compared to the same time last year when only 7,247 units were reported; 20 of the 23 Counties served by the NWMLS reported double digit gains.
There were 4,761 closed sales of single family homes and condominiums last month; compared to 4,196 at the same time a year ago…an increase of about 13.5 percent. The median price of both single family homes and condominiums was up 6.5 percent from the previous year ($263,000 to $280,000). Single family homes alone made up 86 percent of all sales and represented an increase of 7.4 percent in median price from $270,000 to $289,925; while condos rose 6.7 percent from $215,500 to $230,000. King County has the highest median price of $429,900 followed by Snohomish County at $330,000.
If you’re a seller and have enjoyed the correction to the upside, now may be the best time to sell; and if you’re a buyer that wants to take advantage of our historically low interest rates and doesn’t mind waiting for the right house, this may be your time, as well. In either event, The Expert Real Estate has been helping buyers and sellers since 1991 and we’d love the opportunity to help you!