As Snowmageddon has come to an end in the Northwest, the market is coming back on track for a strong spring with lower interest rates and a greater selection of homes (compared to last year yet still realistically low at only 2.2 months supply area-wide)!
Brokers of the Northwest Multiple Listing Service (NWMLS) added 6,247 new listings to inventory in February; bringing the total listings at month end of single family homes and condominiums to 11,275 (a jump of 42.3 percent from the year ago number). Pending sales last month dropped nearly 14 percent compared to the same time last year.
Area-wide median prices for the 5,145 sales of single family homes and condos that sold last month were up 5.7 percent from a year ago, rising from $385,000 to $407,000; compared to January, prices are up 6.6 percent. Single family homes alone increased 6.6 percent and condos were up 1.3 percent. In King County, prices were up 2.4 percent from a year ago with the median selling price jumping $14,000 from this same time last year, from $590,000 to $604,000; compared to January, prices are up 6.9 percent.
We still have low inventory with many homes going under contract faster again from strong traffic at open houses and multiple offers on those homes that were correctly priced from the start. Buyers and sellers alike are encouraged to align with a professional that knows the market and get pre-approved by a lender then be pro-active with your broker until the perfect home is found; Hewitt Property Group is happy to help you with your next move…contact us today!