Real estate agents around Western Washington are preparing for a busy spring season, as sales and median home prices continue to show signs of improvement around the region.
In King County, the number of closed sales was up 7.2 percent in February 2013 from the same month one year ago, according to a monthly report from the Northwest Multiple Listing Service (NWMLS). Median sales prices in the county rose 21 percent year-to-year, to $332,577 last month.
On the Eastside, the improvement has been even more significant. Home sales were up 16 percent in February from a year ago, and the median sale price jumped 25 percent to $450,000.
NWMLS, which includes local real estate agents and brokers, said depleted inventory is continuing to be a concern in many areas. Active listings in the NWMLS database are down 45 percent in King County compared to this time last year; on the Eastside, the decrease is 48 percent.
“The market is struggling to provide enough inventory for anxious buyers seeking to take advantage of low interest rates,” Dick Beeson, principal managing broker of RE/MAX Professionals in Tacoma, said in a NWMLS news release. With 25 percent of local inventory categorized as "distressed," the market "leaves some buyers with tough choices,” Beeson said.
NWMLS Statistical Summary—February 2013Single Fam. Homes + Condos New Listings Total Active Pending Sales Closings Avg. Price Median Price King 2,866 3,854 3,138 1,688 $402,646 $332,577 Snohomish 1,036 1,529 1,236 673 $283,942 $260,000 Pierce 1,216 2,849 1,352 714 $218,558 $195,725
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