The Northwest Multiple Listing Service (NWMLS) is the largest full-service MLS in the Northwest and its membership includes more than 28,000 real estate brokers across 23 counties in Washington state. Each month they release a snapshot of the market in the northwest and the February 2018 numbers reflect the immense population boom that we've all been experiencing first hand!
New Listings Vs. Closed Sales
The median closed price in February was $385,000, which is a tied record high for the region! The median closed price for residential listings increased nearly 15% from February 2017.
Brokers added 436 more new listings to the database in February 2018 as compared to February 2017.
Brokers made $2.26 Billion in closed sales in February 2018. This total dollar value of closed sales rose more than 18% from February 2017.
As any real estate broker would tell you, housing inventory is very tight! In February 2018 there were 7,921 active listings in the database, which is a 13% drop from the previous year.
In February 2017, the market had 2 months of inventory. As of February 2018, there were just 1.43 months of inventory on the market. That means that at the current rate of sales, it would take 1.43 months to sell every home that is active in the NWMLS inventory. The industry standard for a balanced market is 4-6 months!
Homes under contract decreased by 229 by listings from February 2017. The total value sum of homes under contract increased by then 10% from February 2017.