The median sales price of single-family homes and condominiums combined in King and Snohomish counties rose 14.7 percent and 19.3 percent, respectively, in March from the same month last year, the Northwest Multiple Listing Service (NWMLS) reported today.
The story remains one of more buyer demand than houses available for sale.
Looking at single-family homes only, excluding condos, the median sales price in King County was $824,997, up 14.5 percent. In Snohomish, the median was $640,000, up 21.9 percent.
In the NWMLS release, James Young, director of the Washington Center for Real Estate Research at the University of Washington, called the drop in active listings from last year extraordinary.
NWMLS reported a 55.9 percent decline in total active listings, shrinking from 9,418 at the end of March 2020 to 4,153 at the end of March 2021. Young noted the decrease is even more pronounced in “peripheral counties,” with Clallam, Clark, Island, Kittitas, Mason, and San Juan counties posting year-over-year declines of 69 percent or higher.
“This collapsing active listing volume in the face of high demand is telling,” Young said in the release. “As this was occurring, the number of pending transactions year-over-year increased markedly. Double-digit price increases throughout the region are the natural result.”
Looking only at condos, price hikes were less steep. In King County, the median sales price of a condo in March was $470,000, up 7.4 percent. In Snohomish, the median was $417,000, up 8 percent.