The Northwest Multiple Listing Service released its monthly report this week, showing the number of Eastside residential real estate listings in February was down compared to 2015, but the median sale price is up by nearly $100,000.

Photo by Terry Rishel

Photo by Terry Rishel

According to the report from NWMLS, 543 single-family homes and condos sales closed in February, with a median sale price of $630,000, a 16.68-percent increase over last year. In February 2015, 569 home sales were completed.

Seattle experienced a similar rise in home price. The median price of homes sold in February was $554,225, a 25.25-percent increase from February 2015.

Of the 543 residences sold on the Eastside, 388 of them were single-family homes with a median price of $739,975. Condo sales account for the rest (155) with a median price of $310,000.

Homes are selling faster then they are being listed, with 929 new properties listed for sale in February.The current level of inventory sits at 1.45 months, so buyers must be ready to submit an offer quickly once they being searching for a home.

“Buyers who are looking for houses cannot start looking at the top of their affordability range — they should look 15 or 20 percent below their limit and be prepared to go over list price if they have any hope of success,” Frank Wilson, immediate past chair of the Northwest MLS board, said in a statement.

With home prices increased by almost 20 percent, some buyers are being priced out of the single-home market and investing in condos instead.

“With the rent-versus-buy ratio at about two years, many buyers are seeing the wisdom in investing in a condo as a means to take advantage of low interest rates and get into home ownership,” OB Jacobi, president of Windermere Real Estate, said in a statement.