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Early spring shows initial signs of market warm-up
Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of March):
- March’s market activity showed some expected seasonal growth as we move into spring, but we remain in a seller’s market.
- Sellers seemed to be ready to hit the market earlier this year, as active listings were up about 44% across the entire NWMLS compared to March 2024.
- The median sales price in Seattle was $992,000 for single family homes, and $609,000 for condos (the median sales price is the middle number out of all sales prices, meaning half of all homes sold for less, half sold for more).
- There were 1,328 new listings in March (single family homes and condos combined), up from 1,039 in February 2025, and 1,053 in March 2024.
- Mortgage rates dropped slightly from 6.76% to 6.65%, slightly helping buyers with affordability. A general rule of thumb is that bad news for the stock market is generally good news for mortgage interest rates. However, what we are seeing is more general economic uncertainty, which may mute homebuying activity overall.
