Northwest MLS brokers say bidding wars, escalating prices, and buyer fatigue are widespread
*NOTE* – the data we are looking at is from the full month of March.
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:
- double-digit price hikes were widespread across the 26 counties included in the report
- pending sales (homes where the seller accepted an offer) surged 40.6%% compared to February
- while sales were up, there was a 55.9% decline in total active listings at the end of the month compared to last
- across the whole NWMLS, median prices surged 19.5% compared to a year ago
- prices rose in every county served by NWMLS, with seven counties reporting year-over-year price rises of 25% or more
- the local market is nearly sold out all the way up into luxury price ranges, not due to a lack of new listings, but because of high buyer demand
- with demand outstripping supply, prices tend to rise
- the Seattle area ranked second nationally (behind Phoenix) in home price appreciation for the past year
- mortgage rates and inflation are starting to go up, along with lumber costs, which will affect the costs of new construction
To read the full press release, click here.