Another month, another double-digit jump in housing prices in King and Snohomish counties.
February median sales prices for single-family homes and condominiums combined jumped 10.4 percent and 16.6 percent in King and Snohomish counties, respectively, from February 2020, according to figures released Thursday by the Northwest Multiple Listing Service (NWMLS).
King’s median was $679,075 and Snohomish’s $576,050.
Single-family homes fueled the rise. Median sales prices rose 11.1 percent and 21.2 percent in King and Snohomish counties last month to $750,000 and $624,075, respectively. Inventory of homes for sale remained incredibly tight at less than three weeks supply in each county, fueling price pressure.
Looking at condos only, the picture is somewhat better for buyers. Prices increased 0.92 percent in King and 2.8 percent in Snohomish from February 2020. King’s median sales price was $439,000 and Snohomish’s was $400,000. King had 1.5 months of condo inventory, but Snohomish only 0.37 months.
“Like last year, before we knew what was just around the corner, buyer demand is high,” NWMLS director John Deely, executive vice president of operations at Coldwell Banker Bain, said in the NWMLS news release announcing February data. “There continues to be opportunities for buyers seeking condos, and median prices are more stable, so that’s also good news for buyers.”
But for single-family homes, excluding condos, he’s hearing more about multiple-offer situations.
“Our brokers are working hard to help prepare buyers both emotionally and financially for the realities they face, and to help position them as the winning purchaser,” Deely said. “With things opening up, and open house restrictions eased to allow more people at one time, brokers are also spending a good amount of time preparing their sellers to get comfortable with having people in their homes and to safely facilitate viewings, as well as managing and analyzing all the offers.”
Dean Rebhuhn, owner of Village Homes and Properties in Woodinville, also noted more multiple offers.
“Continuing low interest rates, jobs, and lifestyle changes are driving the real estate market,” he said in the release. “Prepared, aggressive buyers are winning the competition for homes. Smart buyers are making substantial offers to sellers prior to the offer review date, and sellers are considering them.”