The February Real Estate Recap

High Velocity Market Continues in February

Western Washington's "high velocity" market continued during January with the number of pending sales (7,745) outgaining the number of new listings (6,507), according to new figures from Northwest Multiple Listing Service.

"Although we have a high number of new listings, they are moving into a pending or sold status within the typical 30-day reporting period. This phenomenon causes a low active listing count," remarked John Deely, chairman of the board at Northwest MLS.

Measured by months of inventory, the selection is at historic lows in many counties. At month end, there was just under 1.7 months of supply system-wide, which compares to the year-ago figure of about 2.5 months of supply. Both King and Snohomish counties have less than one month of supply.

"We're seeing the frenzy change to a fanatical desire to own a home as buyers scramble to beat increasing interest rates," reported Moorhead. He expects the Feds to increase rates two more times between now and April, "and that will only increase buyers' aggressive tactics to secure a home," he suggested.

Real Estate Facts and Figures- February


KING COUNTY RESIDENTIAL

 February residential total active listings in King County were 1,434 (-25.43% from this time last year). There were 1,351 closed sales (+1.58%). The median home price sold for $560,000 (+8.74% this time last year). 


KING COUNTY CONDO

February condominium total active listings in King County were 297. (-41.54% from this time last year). There were 442 closed sales (-10.53% from this time last year). The median condo price sold for $340,500 (+5.10% this time last year). 


SNOHOMISH COUNTY RESIDENTIAL

February residential total active listings in Snohomish County were1,112. (-33.09% from this time last year). There were 741 closed sales (+11.26% from this time last year). The median home price sold for $412,500 (+14.90% this time last year). 


SNOHOMISH COUNTY CONDO

February condominium total active listings in Snohomish County were 96 (-27.27% from this time last year). There were 163 closed sales (-10.44% from this time last year). The median condo price sold for $269,000 (+13.98% this time last year). 


Source: http://www.nwmls.com/index.cfm?/News--Stats/Press-Releases/Market-Updates-2017/page/February-2017 | NWMLS Stats Feb 2017

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