Real estate agents around Western Washington are preparing for a busy spring season, as sales and median home prices continue to show signs of improvement around the region.
In King County, the number of closed sales was up 7.2 percent in February 2013 from the same month one year ago, according to a monthly report from the Northwest Multiple Listing Service (NWMLS). Median sales prices in the county rose 21 percent year-to-year, to $332,577 last month.
In Southeast King County, home sales are actually down 5.8 percent since last year, but median prices have improved by 9.3 percent to $236,000—suggesting low inventory might be having an effect on the number of sales.
NWMLS, which includes local real estate agents and brokers, said depleted inventory is continuing to be a concern in many areas. Active listings in the NWMLS database are down 45 percent in King County compared to this time last year; in Southeast King County, the decrease is 48 percent.
“The market is struggling to provide enough inventory for anxious buyers seeking to take advantage of low interest rates,” Dick Beeson, principal managing broker of RE/MAX Professionals in Tacoma, said in a NWMLS news release. With 25 percent of local inventory categorized as "distressed," the market "leaves some buyers with tough choices,” Beeson said.
NWMLS Statistical Summary—February 2013Single Fam. Homes + Condos New Listings Total Active Pending Sales Closings Avg. Price Median Price King 2,866 3,854 3,138 1,688 $402,646 $332,577 Snohomish 1,036 1,529 1,236 673 $283,942 $260,000 Pierce 1,216 2,849 1,352 714 $218,558 $195,725
How would you evaluate our local housing market? Tell us in the comments section.