Bidding wars continue in March despite a high volume of new listings
The Northwest Multiple Listing Service has released its monthly twenty-three county report and it contains both good and not-so-good news for those looking to buy in this competitive market. The report analyzes listings, pending and closed sales across the state.
King County remains as active as ever, with 4,117 new listings added last month. That number is slightly higher than last year’s, when 3,787 new listings of single family homes were added county-wide. However, while more new listings were added, the pending sales are up significantly – 33.75% change year over year. While over thirty percentage points is a high year-over-year change, it is not even in the top five of all counties surveyed. Statewide there was a 22.33% increase in pending listings from the same month in 2020.
The number of closings in King county is up year over year as well – nearly 21%. Unsurprisingly, the median sales price of single family homes has increased as well, from $645,000 last year to $740,000 in March 2021 – a 14.73% increase. While more listings were added last month than during the same period last year, there is still only .60 month’s worth of single family home inventory in King County.
While the interest in condominiums has not been as high as that in single family homes since the pandemic started, that market is also faring quite well. There was a total of 793 active listings in March of 2021 – an increase of 14% from a year ago. Pending sales are up an impressive 56%, with some buyers choosing to become condominium owners after missing out on single family home bidding wars. There were 700 closed condominium transactions in 2021, an increase of nearly 15% year-over-year. The median sales price of condos as increased as well, from $437,500 in March of 2020 to $470,000 during the same month this year. There are currently 1.13 months worth of inventory of condominiums in King County.
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