Brokers around Washington state say spring market is “finally showing up”

Published on: April 6, 2023

Real estate brokers around Washington state say the market is moving in a positive direction with the spring market “finally showing up in March.”

Newly-released statistics from Northwest Multiple Listing Service show declines in some key metrics for March compared to 12 months ago, but steady gains when compared to February and January.

“From February to March, key indicators, including new and active listings, pending sales and closed sales are trending upward,” noted John Deely, executive vice president of operations at Coldwell Banker Bain. Areawide prices have also increased since January, up nearly 5.9%.

Brokers added 7,904 new listings during March across the 26 counties in the Northwest MLS report. That total is down nearly 30% from a year ago, but up more than 51% from February, when brokers added 5,231 new listings of single family homes and condominiums.

Said Deely, “Despite the year-over-year (YOY) comparisons showing declines, the year-to-date trends indicate the market is moving in a positive direction, towards a healthy market, albeit at a lower velocity than last year.”

“With interest rates dropping and less competition overall, people who have been sitting on the sidelines are jumping back into the market,” reported Deely.

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