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It’s the time of year when for-sale signs typically start popping up like tulips and daffodils. Houses show well in the spring, just as the number of homebuyers peaks and sellers feel more ready to list. While we are seeing the market thaw this spring, challenges remain, especially for buyers. There remain more buyers in the market than available homes, an imbalance that’s driving up prices despite mortgage rates that still hover in the upper six-percent range.
Following suit from the prior two months, King County home and condo prices rose again in March. The median residential sold price of a single-family home was $945,000, up 13% from a year ago. The percent of homes selling above asking price increased by 14% year over year, with those properties selling in less than a week. Supply dropped to just 0.8 months of inventory, feeding the competition for single-family homes. King County condo prices also jumped last month, with the median sold price up 7% from a year ago, to $540,000.
Seattle’s supply of available homes – as measured in months of inventory – remained stable month to month. The median sold price for a Seattle single-family home landed at $925,000 in March, up 10% from a year ago. Conversely there was a 4% month-over-month drop in the portion of homes selling above asking price, yet nearly 60% of sold homes still closed at or above asking price. Seattle condo prices leapt by 10% year over year, up to $587,500, despite there being 19% more active listings than there were a year ago.
Eastside single-family home prices jumped 19% in March compared to a year ago, up from $1,411,500 last year to $1,682,500 this year. Competition remains fierce among Eastside buyers, with more than half of all sold homes closing above asking price, and 85% going under contract in 30 days or fewer. At 0.6 months of supply, inventory is very low, having decreased by 46% year over year. Eastside condo prices increased at a more modest pace last month, up 4% year over year, from a median of $585,000 to $610,000.
The median sold price of a Snohomish County single-family home rose to $760,000 in February, up 5% from a year prior. Supply – as measured in months of inventory – remained low at 0.6, resulting in almost half of all sold homes closing above list price and 83% going under contract in 30 days or fewer. Snohomish condo prices also rose, up 4% year over year, from $495,000 to $515,000 last month.
In this spring market, buyers who find a home they love will typically need to be prepared to act fast and compete against multiple offers. The current market’s dynamics are fueled by low supply, with not enough new listings coming on the market to offset the number of listings going under contract each month. Prospective home and condo sellers may be motivated by the multiple offers, fast market times and higher sold prices being generated by so much buyer competition. But many still wait on the sidelines, watching to see when mortgage rates drop so they can feel better about giving up their current lower rate in order to jump back into the market.
When faced with a fast-moving and shifting market, it’s important to have a knowledgeable expert by your side. Your Windermere broker is ready to provide the insight you need regarding your local market, as well as the context and direction to help you make the best decisions as either buyer or seller.
