Housing market stays hot despite some “lousy” February weather
*COVID UPDATE: open houses are allowed with up to 10 visitors practicing social distancing and wearing masks.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:
- the market continues to be hot, with residential inventory tight and median prices rising year-over-year by double digits across most of the counties in the NWMLS
- total active listings of single family homes were down 44% from a year ago, mostly because homes are selling fast and few are staying on the market
- there is very little inventory sitting on the market unsold, except for the Seattle city core
- condo buyers will find a bit more selection, with inventory up almost 8% from a year ago, and median prices more stable compared to single-family homes
- sales in February were up 6.9% compared to January, which shows that neither the snow we had or the uptick in mortgage interest rates deterred buyers
- the average interest rate of a 30-year fixed-rate mortgage was 3.02% for the week ending March 4, still very low historically
- “The intensity we’re seeing should come down slightly as more available homes enter the market, but we have to play catch-up with pent-up buyer demand first”
To read the full press release, click here.