The Northwest Multiple Listing Service numbers are out for February, and record-low inventory continues to spur multiple offers and rising prices. In fact, the number of houses for sale in King County is at its lowest point since at least 2004.
The normal winter market cool-down hasn’t come to fruition. Sellers are reaping the rewards, but buyers are definitely feeling the pinch as there simply aren’t enough homes to meet demand. All of this is driving prices up faster than anywhere else in the country.
Some statistics from the month:
- Year over-year pending sales declined for the first time since March 2016, falling 8.9%. Eight counties, including King and Snohomish, reported double-digit drops in pending sales as the volume of new listings couldn’t keep pace with demand.
- In King County, median home prices jumped 14.1% to $502,000
- In Snohomish County, the median home price was $387,250
- Pierce County homes jumped 12% to nearly $275,000
- Kitsap County grew 9.8%, to just over $280,000
- King County condo prices increased 5.1 percent to $340,500
Most agents expect inventory to begin rising in March and into the spring, but the market will remain competitive in the more affordable and mid-price ranges.
In an attempt to simply get a foot in the market, buyers are shortening their goals from the typical 7-10 years in a home to planning to move up after just 3-5 years.
The key to winning in this uber-competitive market continues to be solid, skilled representation from an experienced agent.
For more in-depth information, see all the data here.