March 2017 Seattle Area Housing Report

Northwest MLS brokers report 50 percent spike in new listings, but brisk sales prompt predictions of “frenzied spring”

KIRKLAND, Washington (April 6, 2017) – Northwest Multiple Listing Service brokers expected an uptick in the number of new listings during March, and that expectation was met with a significant gain – up more than 50 percent from February. Members added 10,321 new listings last month, but they also reported an even greater number of pending sales (10,447), leaving inventory near historic lows.

“Although we’re seeing better news for buyers related to increases in new listings during the past three months, we’re continuing to sell inventory at a faster rate,” stated Mike Grady, president and COO of Coldwell Banker Bain. “This lack of supply continues to put an upward pressure on home prices. We’re in for yet another frenzied spring,” he believes.

Total active inventory across the 23 counties in the Northwest MLS service area remained below 10,000 for a second straight month. The selection of active listings rose to 9,774 for a 7.5 percent improvement on February’s volume, but compared to a year ago inventory plummeted nearly 23 percent.

“It’s a straight up crazy, frenzy market in King and Snohomish counties,” said J. Lennox Scott, chairman and CEO of John L. Scott. About 75 percent of homes are selling within the first 30 days, according to his analysis.
The lack of supply continues to put upward pressure on home prices. The median price on last month’s sales of single family homes and condos was $355,000, up 10.9 percent from the year-ago figure of $320,000.

For single family homes only (excluding condos), year-over-year prices jumped 11.5 percent, from $327,300 to $365,000. The median price for a single family home that sold in King County was $599,950, up 12.9 percent from a year ago. Adjacent counties also saw double-digit increases in selling prices for single family homes.

View the full press release

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state. 

Click here for the full report and neighborhood-by-neighborhood statistics!

Neighborhood Reports
SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown Bellevue Condos

 

Regional Reports

Seattle Homes
Eastside Homes
King County Homes
Mercer Island Homes
Seattle Condos
Eastside Condos
Seattle New Construction
Eastside New Construction

 

© Copyright 2017, Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040.  Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s