The NWMLS March update press release is out and it does confirm a strong start for the year, especially for the condo market.
Figures for February show system-wide gains in both pending sales (offers made and accepted, but not yet closed) and sales prices compared to a year ago. Results were mixed among the 19 counties in the MLS service area, but together they reported a 4.8 percent increase in year-over-year pending sales for February.
Prices for last month’s closed sales of single-family homes and condominiums jumped 14.4 percent from twelve months ago. The median price for last month’s completed transactions was $324,000. That was $40,800 more than at this time last year.
The condominium market shows continued strength, with pending sales rising 13.7 percent from a year ago. Prices for condo sales that closed last month were 20 percent higher than twelve months ago.
One of the more surprising stats is the current inventory level for condos. In King County it’s about 2 months which is lower than its been in a while. Though, new construction resales and the warming weather will increase inventory levels.
The full report is at my other site, Seattle Housing Buzz.