The Northwest MLS has released their Western Washington real estate statistics for March 2015.
The housing market continues its upward swing with 2670 closed sales this month versus 1790 in February. Closed sales are up 16.24% from this time last year and up a whopping 58% from two months ago. The median price of single family homes rose 2.4% since February while condo prices rose 4.9% since last month. Pending sales have increased 13.86% from the same time last year and up 28.16% from last month. Inventory of homes for sale is down 14.63% compared to last year at the same time.
King County Data for March 2015:
- King County median prices have increased 8.78% from twelve months ago.
- There were 2670 closings in King County for single family homes and condos, up 16.24% from a year ago.
- Pending sales for King County were up 13.86% from the same time last year.
- There were 3578 active listings in King County for March 2015, down 14.63% from a year ago and nearly the same as last month.
- There were 3749 new listings in King County compared to 2919 new listings in February.
- The single family median price was $440,250 compared to $414,950 last March – a 6.1% gain.
We are currently experiencing “the perfect storm” of real estate. Record-low inventory, low interest rates, and extremely high demand are creating a very frenzied seller market. Seattle’s job growth is luring employees here from all parts of the world. Bidding wars are aplenty with many buyers waiving contingencies and often paying substantially above asking price. Unless inventory somehow increases, it doesn’t look like this competitive market will be changing in the near term.