Send me real-time posts from this site at my email

Northwest Real Estate in February: Sales up 10% YoY, Inventory down 44% YoY

Note: Inventory is down sharply in the Northwest almost everywhere except Seattle. And inventory is low in Seattle too, but was even lower a year ago.

The Northwest Multiple Listing Service reported Housing market stays hot despite some “lousy” February weather
Housing activity during February remained hot around much of Washington state despite significant accumulation of lowland snow over the Valentine’s Day weekend, according to the latest statistical report from the Northwest Multiple Listing Service.

“It’s amazing how close the February numbers are when compared to February 2020, which was, of course, right before our world changed,” said Mike Grady, president and CEO of Coldwell Banker Bain. "Despite our similarly lousy February weather, the data show that the market continues to be hot, with residential inventory very tight and median prices rising by double digits across most of our counties.”
...
Northwest MLS member-brokers reported 5,812 closed sales during February for a 10.4% increase over the year-ago total of 5,265 closings.
...
Total active listings of single family homes declined nearly 44% from a year ago. The selection of single family homes fell more than 51% while condo inventory rose 7.9%.
emphasis added
The press release is for the Northwest MLS area. There were 5,812 closed sales in February 2021, up 10.4% from 5,265 sales in February 2020.  Active inventory for the Northwest is down 44%.

In King County, sales were up 13.5% year-over-year, and active inventory was down 18% year-over-year.

In Seattle, sales were up 19.6% year-over-year, and inventory was UP 27% year-over-year. (inventory in Seattle was extremely low last year).  This puts the months-of-supply in Seattle at just 1.3 months.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue