The Northwest MLS has released their Western Washington real estate statistics for March 2016.
King County reported 2,570 closed sales this month versus 1,824 in February. Closed sales are up 40.9% since last month and up 49.42% from two months ago. The median price of single family homes in King County rose 3.16% since February while condo prices fell 4.31% since last month. Pending sales fell 8.66% from the same time last year but rose 23.96% since last month. Inventory of homes for sale is down 24.54% compared to last year at the same time.
King County Data for March 2016:
- King County median prices have increased 11.49% from twelve months ago with 1.05 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 2,570 closings in King County for single family homes and condos, down 3.75% from a year ago.
- Pending sales for King County are down 8.66% from the same time last year.
- There were 2,700 total active listings in King County for March 2016, compared to 3,578 last March and 2,431 last month.
- There were 3,839 new listings in King County compared to 2,791 new listings in February.
- The single family median price was $531,250 compared to $440,250 last March– a 20.67% gain.
At the present time, the market continues at a frenzied pace with no immediate end in sight. We are still seeing multiple offers and bidding wars on most homes in Seattle. In-city condos are also flying off the shelves, often with competing bids. As prices rise in Seattle, the frenzy is spreading to the outlying areas. For example, we have been seeing an increase in multiple offer activity on homes in Bothell and Kenmore, driving the prices in those neighborhoods higher as well.