Northwest Multiple Listing figures for March show a surge in pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29% (from 7,980 in February to 10,311 in March).
NWMLS member brokers continue to work on increasing the supply of listings. We added 10,595 new listings during March, slightly more than a year ago when we added 10,321 properties to the market. Last month's additions marked a big gain from February when 7,284 new listings were added.
As has been the pattern, pending sales nearly equaled the number of new listings. Prices overall are up about 13.2% from a year ago, and even more so in the four- county Puget Sound region. Among these four counties, Kitsap had the largest year- over-year increase at 19%, but King County homes are still the priciest.
The median price for last month's sales of single family homes and condos combined in King County is $625,000, up 17.9% from a year ago. For single family homes, excluding condos, the median price for last month's sales was $689,950. Year-over-year prices are up more than 18% in Pierce County and about 14.3% in Snohomish County.
The hot market seems to affect all price ranges. The MLS statistics confirmed sales of luxury homes are rising. A comparison of first quarter figures show the year-over- year number of homes sold, priced at $1 million or more, rose nearly 28%.
Out of the 78 markets surveyed, Seattle is ranked #1 for 2018 by PWC and the Urban Land Institute. The positive outlook crosses all sectors with the strongest for investment and development in Industrial and Single Family Housing.
I am happy to meet for coffee to discuss the market and how it impacts your real estate.