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