Home sales in western Washington jumped 11.9 percent in February from the same month a year ago, as prices posted even larger gains, according to the latest figures from the Northwest Multiple Listing Service.
Brokers reported 5,999 closed sales last month, up from 5,359 reported a year ago.
The median price for those sales, which include single-family homes and condominiums, was $283,200 across the 17-county service area. That’s up 13.3 percent compared to a year ago, with most counties reporting double-digit increases.
For single-family homes only (excluding condominiums) the median price on last month’s closed sales was $299,950, up 15.4 percent from year-ago figures. Eight counties had price increases of 22 percent or more compared to prices of single-family homes that sold 12 months ago.
NWMLS director Dick Fulton, the broker at Coldwell Banker Bain’s office on Lake Union in Seattle, said the first six weeks of the year were sluggish, but noticed a steady increase in activity in mid-February. “By month end we were going gangbusters,” he said, noting they are still experiencing multiple-offer situations.
While inventory remains tight in many areas, the selection is improving in several parts of the MLS service area. Brokers added 9,327 new listings to inventory last month, just under the volume of a year ago when they added 9,487 new listings.
By month-end Northwest MLS members reported a total of 22,504 active listings across its 17-county market area. Even adjusting for the two new counties that joined MLS last summer, the number of active listings is up more than 2 percent. The current selection includes 19,785 single-family homes and 2,719 condominiums.
Kirkland, Wash.-based Northwest Multiple Listing Service covers most of western Washington and encompasses more than 2,000 companies with approximately 26,000 sales associates.
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