With the robust job market of the Pacific Northwest outpacing most metro areas in the nation and the slight rise in interest rates seeming to have little to no effect on home sales, for now…there seems to be no end in sight!
In February, members of the Northwest Multiple Listing Service (NWMLS) added 7,284 new listings to inventory which outpaced the same time last year (6,848) by 6.4 percent. At month’s end, there were 7,921 total listings in inventory…a drop of roughly 13 percent compared to 9,091 for February of last year.
Pending sales of 7,980 outpaced new listing and total listings; yet this number is down from last year’s 8,209 pending sales by close to 3 percent. On the other hand, closed sales outpaced last year by nearly 3.6 percent…rising from 5,358 to 5,548.
Median prices on these closed sales was up almost 14.8 percent in the 23 counties served by the NWMLS for the same one year period, rising from $335,515 to $385,000. Snohomish County had the largest increase, rising from $387,250 to $460,000 (up 18.8 percent).
Sellers may still have the upper hand yet some specific areas are now showing signs of easing. As we enter Spring, the market heats up ahead of summer making now as good a time as any to consider a move. The best plan will include a skilled professional, Hewitt Property Group, to help you make the right move…contact us today!