February Snow Does Little to Cool the Hot Market
The cold and dreary February weather did little to dampen the spirits of buyers and sellers state-wide. According to the newest report from the Northwest Multiple Listing Service, the number of new listings of single-family homes and condominiums added last month was quite similar to the same month last year – by a difference of about 4.7%. As far as total available inventory is concerned, it is worth noting that there were 51% fewer single-family homes on the market in February 2021 than during the same time period last year. While condo inventory rose, there are only three weeks’ worth of supply area wide.
Many of those looking to purchase in today’s market are leaving the dreams of owning single family homes behind and are choosing to focus on condominiums instead. The condo inventory is actually up 7.93% from a year ago, giving buyers more options and negotiating power. Nearly six of ten pending sales of condominiums statewide last month took place in King County according to the report, nearly matching last year’s totals.
The Puget Sound region remains strong, with the tri-county area of King, Pierce and Snohomish counties showing an uptick of 6.9% in pending sales from January to February of this year. While rates rose slightly and the weather left many of us unwilling to leave the house, eight of the counties reported year-over-year gain in pending sale: Adams, Douglas, Grant, Kitsap, Pacific, San Juan and Walla Walla. System-wide, there was a year over year drop in pending sales – but a month over month gain of 4.5%.
After the strong data from January, it is unsurprising that closings rose as well – 5,812 closings equal an increase of 10.4% year over year. The median sales price is up an astonishing 15% – now at $512,000. Twenty of the twenty-six counties surveyed by the NWMLS showed double digit YOY price gains. The positive mood certainly abounds as we move into the prime selling market.Email