Bidding wars, escalating prices and buyer fatigue are widespread
Brokers with Northwest Multiple Listing Service (NWMLS) added 10,562 new listings to inventory during March — the highest volume since September when they added 11,210 properties to the selection. Even so, demand continued to outstrip supply, keeping inventory depleted.
The latest statistical summary from Northwest MLS shows double-digit price hikes were widespread across the 26 counties included in the report for the month of March.
Brokers logged 10,863 pending sales last month. That volume of mutually accepted offers marked a 22.3% increase from a year ago and a 40.6% surge compared to February.
Median prices system-wide surged 19.5% compared to a year ago. The median price for the 7,803 sales that closed during March was $548,199; a year ago it was $458,900. Prices rose in every county served by NWMLS, with seven counties reporting YOY price hikes of 25% or more.
Area-wide, NWMLS figures show there is only about two weeks of inventory (0.53 months of supply) of single family homes and condominiums. Only six counties have more than one month of supply. The supply of single family homes is even more depleted (0.47 months), Condo buyers fare slightly better with 0.86 months of supply. With demand outstripping supply, prices tend to rise.
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Source: NWMLS 4/7/21