Industry News

Northwest real estate sales, prices jump

Double-digit gains not slowed by increased inventory

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 i...