King County Brokers Report Positive Gains in Key Metrics

Brokers in King County notched gains in four key metrics during February despite tight inventory and interest rates that are keeping some potential purchasers on the sidelines.

The latest report from Northwest Multiple Listing Service (NWMLS) shows brokers in King County added 2,492 new listings of single family homes and condominiums during the month, improving on the year-ago total by more than 34%. Pending sales, closed sales, and median prices also rose compared to 12 months ago.

As of the end of February, buyers in King County could choose from 2,136 active listings, slightly more than the selection of a year ago, but up nearly 16% from January’s total. Inventory of single family homes declined 5% from a year ago, while the volume of condo listings jumped more than 25%.

Within King County, there were about six weeks (1.47 months) of supply at month end. For the 26 counties included in the Northwest MLS report, there was 1.79 months of supply. Only Snohomish County, with 0.88 months of supply, had tighter supply than King County.

Sellers in King County accepted offers on 2,061 homes and condos during February, a year-over-year (YoY) increase of nearly 3.8%. Of these, 1,557 (about 75%) were single family homes. King County accounted for 34.7% of pending sales system-wide, according to the NWMLS report.

Northwest MLS members reported 4,189 closed sales last month, with 1,450 (35.6%) of the transactions located in King County. The median sales price on February’s closed sales systemwide was $608,111, up 5.76% from the same month a year ago; in King County, prices jumped 12.84%, from $726,700 to $820,000.