A busy February shows little impact of coronavirus threat on real estate
While the coronavirus threat is on everyone’s minds, it did not impact the real estate market in Washington state during the month of February. Brokers area-wide have not noticed a decrease in activity according to the newest press release from the Northwest Multiple Listing Service (NWMLS).
There was a significant uptick in listings, as 7,786 new ones were added last month – an increase of 25% from the same month in 2019. In addition, there were 1,269 more listings in February 2020 than there was the month before – an impressive 19.5% gain. While the number of listings last month was the highest since October, it did not meet the demand. Inventory remains low, with 32% fewer listings than a year ago in the 23 counties where Northwest Multiple Listing Service is present. King county had the largest year-over-year drop in total active listings, with 40.7% fewer listings in February 2020.
Area wide, there are only 1.45 months of supply according to the report. The Puget Sound region is suffering from an even lower level of inventory, with only 1.1 months’ of supply. Such low inventory has resulted in a buying frenzy, with many brokers describing the open house activity as “above average.”
According to the report, the median sales price area-wide for the 5,265 single family homes and condominiums that sold in February was $445,000 – a 9.34% year-over-year increase. Thirteen of the counties where NWMLS is present reported double-digit increases. In King County nearly 1,900 properties (homes + condos) sold last month, for an average price of $744,141 and a median sales price of $615,000.
Thinking of buying or selling? As you can see, the market is certainly buzzing as we entered the busiest season of the year. We’d love to help! You can contact us at 206.910.500 or at firstname.lastname@example.orgEmail