News that hits us where we live.
March 2015 | Early Spring Brings Crop of Homebuyers
Favorable weather and restored confidence are propelling home buying activity around Western Washington to the highest level in nearly a decade.
Pending sales surged 18.7 percent in February compared to the same month a year ago, rising from 7,247 mutually accepted offers to 8,599.
For the 4,761 sales of single family homes and condominiums that closed during February, the median price was $280,000. That reflects a gain of about 6.5 percent from the year-ago sales price of $263,000. The volume of closed sales jumped about 13.5 percent from a year ago.
For single family homes, which accounted for 86 percent of all sales, the median price jumped about 7.4 percent, rising from $270,000 to $289,925.
Single family homes in King County had the highest median price at $429,900 (up 6 percent from a year ago), followed by Snohomish County where February's completed transactions commanded a median price of $330,00 for a year-over-year gain of nearly 4.8 percent.
Condo prices increased 6.7 percent year-over-year, from a median price of $215,500 to $230,000.
Sellers haven’t experienced a market this favorable in 10 years. With home prices now consistently on the rise, savvy sellers looking to trade up know this is the time to make that move.