NWMLS: Median Price Surges in King and Snohomish Counties As Pending Sales Slip

February market stats have been published by the NWMLS this week. Here’s their press release.

NWMLS brokers report 50 percent spike in new listings

“Although we’re seeing better news for buyers related to increases in new listings during the past three months, we’re continuing to sell inventory at a faster rate,” stated Mike Grady, president and COO of Coldwell Banker Bain. “This lack of supply continues to put an upward pressure on home prices. We’re in for yet another frenzied spring,” he believes.

“It’s a straight up crazy, frenzy market in King and Snohomish counties,” said J. Lennox Scott, chairman and CEO of John L. Scott. About 75 percent of homes are selling within the first 30 days, according to his analysis.

I love how in last month’s post I jokingly used “crazy hot” to refer Lennox’s obvious excitement over frothing prices, and this month he actually says it.

What I don’t love is the absurd market we now find ourselves in. I suppose if I wanted to sell my house and leave the Seattle area, it would be awesome, but for most people in the area it stinks.

CAUTION

NWMLS monthly reports include an undisclosed and varying number of
sales from previous months in their pending and closed sales statistics.

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):

March 2017 Number MOM YOY Buyers Sellers
Active Listings 1,703 +18.8% -21.0%
Closed Sales 2,079 +53.9% +8.8%
SAAS (?) 1.27 +12.3% -11.4%
Pending Sales 2,723 +30.7% -5.4%
Months of Supply 0.82 -22.8% -27.5%
Median Price* $599,950 +7.1% +12.9%

For the second month in a row, the only “good news” for buyers in this month’s numbers is the year-over-year decline in pending sales. Interestingly, although pending sales have been down year-over-year for two months in a row now, closed sales continued to increase year-over-year.

Closed sales shot up 54 percent from February to March. Last year over the same period closed sales rose 44 percent, so while this was a strong increase it was slightly less of a seasonal bump than last year. Despite that, year-over-year closed sales increased from up two percent in February to up nine percent in March.

Pending sales rose 31 percent from February to March, but were down five percent year-over-year.

Listings rose 19 percent from February to March, which is a larger increase than the 12 percent gain we saw last year. Still though, year-over-year listings were down 21 percent.

We’re not setting new record lows anymore, so that’s good. Still though, the number of new listings fell slightly short of last year.

No big change here, it is still a very strong sellers’ market out there.

Here is the chart comparing King County SFH prices each month for every year back to 1994 (not adjusted for inflation).

King County SFH Prices

March 2017: $599,950
July 2007: $481,000 (previous cycle high)
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Author: The Tim

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