Industry News

Northwest real estate maintains muscle

Despite fierce weather, sales up 7.9% in January from a year earlier

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Fewer listings, winter storms and extended holidays restrained housing activity around Western Washington during January, but brokers still recorded strong sales and a definite uptick in business toward the end of the month. According to the latest report from the Northwest Multiple Listing Service, brokers reported 5,385 closed sales in January, up 7.9 percent from the same month a year ago when members reported 4,990 closings. The median sales price for last month's completed transactions (including single-family homes and condominiums) rose from $205,000 to $220,000 areawide, for a gain of 7.3 percent. On average, it took about three days longer to complete a sale compared to a year ago. For last month's closed sales, the average time on the market was 75 days. Homes in Thurston County sold at the fastest pace, averaging 65 days, followed by King County sales at 68 days. A bigger worry, according to some MLS members, is inventory. Brokers added 9,610 new listings across a 1...