The market continues to move at a fast pace while sellers continue in control and buyers are doing everything they can to get their offers accepted!
Members added 10,321 new listings to inventory last month bringing the total active listing count at month end to 9,774; 7.5 percent improvement from February yet a roughly 23 percent decline from the same time a year ago.
Brokers of the Northwest Multiple Listing Service (NWMLS) logged 10,447 pending sales (mutually accepted agreements) outpacing February by 2,200 units (8,247) but falling short of March of last year by 453 units (8,247).
Median prices of single family homes and condos in the 23 counties served by the NWMLS were up 10.9 percent from a year ago rising from $320,000 to $355,000. For single family homes alone, that number was up 11.5 percent rising from $327,300 to $365,000. In King County, single family home were up 12.9 percent from a year ago with the median price coming in at $599,950.
Area-wide, there is only 1.3 months supply of inventory; in King and Snohomish County, that number drops below a month…
There were 7,541 closed sales of all single family homes and condominiums reported for March. In the luxury market (homes at or above $1 million), the first 3 months saw a 60.5 percent gain in closed sales activity from the first 3 months of last year; going from 577 in the first quarter of 2016 to 926 in the first quarter of this year.
It’s certain that the threat of rising interest rates coupled with the shortages of inventory is helping to increase prices while holding some sellers on the sidelines that would otherwise want to make a move. It’s best you know your options before you commit and we here at The Expert Real Estate know this better than most…let us help you with your next move!