Lack of inventory is helping sellers to push the value of their homes to levels that have some agents shaking their heads in disbelief while causing some appraisers to believe otherwise and causing perfectly good buyers to lose out in multiple offer situations!
Agents added 6,848 new listings to inventory last month; an increase of over 5.2 percent from last month when agents added 6,507 units. There were 9,091 total listings at the end of February; a decrease of almost 6.8 percent from January (9,752) and a decrease of about 25 percent from the same time a year ago when we saw 12,107 total listings.
Brokers of the Northwest Multiple Listing Service (NWMLS) reported 8,247 pending sales (mutually accepted agreements) in February; an increase of almost 6.5 percent from January (7,745) and a decrease of about 8.9 percent from last year (9,052).
Year-over-year median prices for single family homes and condos in King County jumped 14.1 percent (rising from $439,950 to $502,000) while single family homes alone saw an increase of 8.7 percent (rising from $514,975 to $560,000); in Snohomish County, prices were up 18.2 percent (rising from $327,500 to $387,250) and single family homes alone were up 14.9 percent (rising from $359,000 to $412,500).
There were 5,374 closed sales in February compared to 5,029 a year ago…an increase of almost 6.9 percent.
Many real estate professionals are optimistic that inventory levels will creep up once we head into the spring market and hopefully, continue to do so as we work toward achieving a more balanced market. If you’d like to cash in on the wave or just retain the best in representation, contact The Expert Real Estate today!