Last month in March the median closing price for single family homes and condominiums in the NWMLS coverage area increased over 13% to a record high of $401,762. Pierce County alone has seen a price bump of more than 18%; and while Seattle homes are still the most expensive, Kitsap County has seen the largest price increase over this last year, in the four-county Puget Sound area.
Even with all these price increases, new listings have only seen a slight increase from a year ago. During the month of March, there was a total of 10,595 new listings, which is just 274 more when compared to the year before; But, this is still a large increase from the 7,284 new listings that were added just one month prior in February. Pending sales, on the other hand, have decreased when compared to last year; now nearly equaling the number of new listings. However, in one month alone (from Feb. 2018-Mar. 2018) pending sales have risen more than 29% while new listings have risen more than 45%.