Industry News

Real estate sales soften in Northwest

Closed transactions fall 15%; median home price rises to $225,000

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Home sales around western Washington dropped 15.4 percent in February from the same month last year, according to the latest figures from the Northwest Multiple Listing Service. The decline in closed sales reflected lower volumes of pending sales during December and January. NWMLS members reported 4,623 closings systemwide, down from February 2003 when members logged 5,462 completed transactions. Prices are up about 7.7 percent from a year ago. The median sales price for last month's closed sales of single-family homes and condominiums was $225,000; a year ago it was $209,000. Residences in San Juan County fetched the highest price, with homes there having a median sales price of $367,750. King County claimed second place on the price spectrum. Last month's closed sales in King County had a median selling price of $275,000. For single-family homes only (excluding condos) the median sales price in King County was $295,950. Condominiums that sold in King County last month had a med...