Housing activity during February remained hot around much of Washington state despite significant accumulation of lowland snow over the Valentine’s Day weekend, according to the latest statistical report from the Northwest Multiple Listing Service.
Northwest MLS figures show brokers added a similar number of new listings of single family homes and condos last month (7,418) as a year ago (7,786), for a difference of 368 properties (down 4.7%). For residential units (excluding condos), there was a 6.8% year-over-year (YOY) drop.
Total active listings of single family homes declined nearly 44% from a year ago. The selection of single family homes fell more than 51% while condo inventory rose 7.9%.
There are only about three weeks of supply (0.74 months) of inventory in the MLS database, which covers 26 counties. For residential only (excluding condos), the shortage is more pronounced at only 0.67 months’ supply.
Condominium shoppers will find somewhat more selection, with inventory up 7.93% from a year ago, and more than a month of supply (1.12 months).
Despite rates edging up and inclement weather during much of February, eight counties in the Northwest MLS report showed year-over-year gains in pending sales: Adams, Douglas, Grant, Kitsap, Lewis, Pacific, San Juan, and Walla Walla.
System-wide, there were 7,724 pending sales in February, a YOY drop of 7.5%, but compared to January when brokers reported 7,394 sales, the pending volume increased 4.5%.
Northwest MLS member-brokers reported 5,812 closed sales during February for a 10.4% increase over the year-ago total of 5,265 closings. The median price on last month’s completed sales jumped more than 15% from a year ago, increasing from $445,000 to $512,000. Twenty of the 26 counties in the report showed double-digit YOY price gains.
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Source: NWMLS 3/4/21