Heavy Snow in February Lead to a Slowdown in Sales, According to the NWMLS
February can only be described as “Snowmageddon” – Seattle’s snowiest month in fifty years. Many aspects of life were affected during that month, including the real estate market. According to the Northwest Multiple Listing Service, pending sales were nearly 14% lower in February of 2019 than during the same month a year ago.
The low temperatures and record snowfall greatly affected the rate of showings, as buyers preferred to stay indoors. According to the sources quoted in NWMLS’s press release, showings were down about 40% during the week with the most extreme weather. While the showing activity was at noticeably lower levels, 6,427 listings were added area-wide – over a thousand fewer than a year ago. However, at the end of the month, there were over eleven thousand total listings, up over 42.3% from February 2018 – great news for buyers!
Along with the inventory, prices are climbing as well. Area-wide, median prices of the nearly fifty-two hundred sales of single-family homes and condominiums reported in February were up 5.7%, from $387,000 a year ago. When looking at month-over-month changes, prices increased over 6.5% from January to February of this year. The price gain in King county was a little less impressive, with only 2.4% from a year ago – but 6.9% month-over-month.
With low (and stable) interest rates, buyers are enjoying the spring and jumping back into the market. With inventory on the low side, having an agent who can guide a buyer through the process is crucial. Are you thinking of buying? We’d love to help. Contact us today at email@example.com at 206.910.5000.Email