Housing Market Rebounds From February Freeze
Both pending sales and new listing activity around Western Washington surged during March as buyers, sellers, and brokers emerged from February’s record snowfall.
Brokers added 10,516 new listings of single family homes and condos to the Northwest Multiple Listing Service inventory last month, the highest monthly volume since August 2018. Compared to the same month a year ago, new listings across the 23 counties in the report were down slightly (79 fewer units).
MLS members also reported 10,261 pending sales during the same timeframe, the highest number of mutually accepted offers since July, and nearly matching the year-ago total of 10,311.
“After the housing adjustment in 2018, this year’s spring market is back to frenzied in the more affordable and mid-price ranges,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. Noting March is the start of the prime-time selling season, he expects this year “will be no exception.” He also commented on improved affordability from last fall’s price adjustments in the close-in job centers of Seattle and the Eastside. “This improved affordability, along with lower interest rates and very strong job growth, all point us in the right direction for red-hot acceleration again this year,” Scott stated.
Year-over-year prices area-wide were up 3.5 percent, rising from $401,761 to $415,950, with most counties reporting gains. King County was an exception. Prices there were flat (down 0.4 percent), slipping from the year-ago median of $625,000 to last month’s figure of $622,500, but rising from February’s price of $604,000.
Compared to February, prices rose 2.2 percent system-wide. The four-county Puget Sound region had larger month-to-month increases, led by Kitsap County, up 5.9 percent from February. Prices in Snohomish County jumped nearly 5.5 percent, while King County’s median prices rose more than 3 percent when comparing February to March.