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Housing exercise throughout February remained sizzling round a lot of Washington state regardless of a big accumulation of lowland snow over the Valentine’s Day weekend, in line with the most recent 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,” stated Mike Grady, president, and CEO of Coldwell Banker Bain.
“Despite our equally awful February climate, the info present that the market continues to be sizzling, with residential stock very tight and median costs rising by double digits throughout most of our counties.”
Northwest MLS figures present brokers added an identical variety of new listings of single-family properties and condos final month (7,418) as a 12 months in the past (7,786), for a distinction of 368 properties (down 4.7%). For residential models (excluding condos), there was a 6.8% year-over-year (YOY) drop.
Total energetic listings of single-family properties declined almost 44% from a 12 months in the past. The collection of single-family properties fell greater than 51% whereas apartment stock rose 7.9%.
“A decline in listing volume this year should not surprise anyone,” remarked James Young, director of the Washington Center for Real Estate Research on the University of Washington.
Join your host Sean Reynolds, proprietor of Summit Properties NW and Reynolds & Kline Appraisal as he takes a have a look at this creating subject.
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