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.

 

by Charles Burnett | Sound Realty Group