NWMLS Data for March 2018 Shows a Surge in New Listings
The latest numbers from Northwest Multiple Listing Service (NWMLS) are in! The March statistics show that spring is indeed upon us – the market is about to get even more lively.
According to the press release from the NWMLS, both, the new listings and the pending sales, are up from February of this year. Pending sales increased from 7,980 last month to a 10,311 in March – a staggering 29% gain, per the press release. There is great news for buyers worried about lack of inventory as well: there are a total of 10,595 new listings in the twenty-three counties included in the NWMLS’s Market Snapshot Infographic. King county leads the way with 3,885 new listings. Pierce county comes in second place with 1,767 new listings and Snohomish county rounds out the top three with 1,576 new single-family homes and condominiums coming onto the market in March. Overall, the grand total for all counties is up 45% from last month. It is worth noting that the number of new listings nearly equals the number of pending sales – proving the market continues to be competitive.
To further illustrate that the King county market continues to be hot, the NWMLS reported that there was only .83 months of inventory available in March. Accordingly, the prices continue to climb. The average sales price in King County for single family homes and condos was $740,509 – the median price is $625,000.
The luxury home market (which the NWMLS press release defines as homes that sold for upwards of $2 million) is also more active than last year. During the first quarter of 2017, 136 sales of homes valued at $2 million or more were reported. The first quarter of this year saw 177 sales. In addition, the NWMLS press release mentions 1,024 sales of homes worth $1,000,000 or more during the first three months of this year – an increase of nearly 28% over the first quarter of 2017.
To see our blog discussing the February numbers, please click here. The Stroupe Group has had great success representing buyers and sellers in a variety of price points. If you’re interested in buying or selling, please contact us today.