After a Long Winter, the Housing Market Rebounds
As the weather gets warmer all across Washington state, so does the real estate market. After a snowy February, March proved to be a lot more active. According to the Northwest Multiple Listing Service, 10,516 new listings (single family homes and condominiums) were added last month area-wide, the highest number since August of last year. In addition, the number of pending sales was 10,261 – the highest since July, proving that the market is indeed showing signs of thawing.
As March usually marks the beginning of prime selling season, this level of activity is not surprising. Spring, coupled with low interest rates and job growth resulted in more buyers activity. Year-over-year prices of single-family homes were up 3.5%, rising up to $415,950 area-wide, with most counties except for King reporting increases. King county median prices were down .4% – $622,500 from $625,000 in March of 2018. However, median prices in King County were up 3% from last month.
The inventory levels of single-family homes are also surprising – in King county there were twice as many listings in March of 2019 as in March 2018. Even with these impressive numbers, there are only 1.9 months of inventory available in King county, according to the report by the Northwest Multiple Listing Service.
Condominium inventory remains low, with a mere 1.95 months of inventory in King county. While 1,487 new listing were added area-wide in March of 2019 – up a staggering 85% from the same month last year. The median price of condominiums area-wide remained roughly the same year-over-year, with a $2,150 increase from 2018. In King county, where most condominium transactions take place, the median price was 7% lower than last year – $434,000.Email