As we move into the spring season, it’s the perfect time to take a closer look at what’s happening in our local real estate market. February is typically a quieter month, but this year, the numbers tell an interesting story—one that reflects both new opportunities and ongoing challenges for buyers and sellers alike. Let’s break it down.
Market Trends: More Inventory, But Buyers Remain Cautious
One of the biggest takeaways from February’s Northwest MLS Market Snapshot is the significant increase in inventory. Across the NWMLS service area, the number of homes for sale jumped by 39.4% compared to last year.
- Snohomish County saw a 62.27% increase in active listings compared to February 2024, reaching 947 homes on the market.
- King County led the pack with a 52% increase, reaching 3,247 active listings.
- Pierce County followed with 1,376 active listings, up 27.72% year-over-year.
Despite this increase in inventory, pending home sales in Snohomish County dipped 5.09%, while Pierce County saw a 1.51% decrease in pendings. King County, on the other hand, experienced a modest 1.25% increase in pending sales, signaling that buyers are still in the market but proceeding cautiously.
What’s Happening with Prices?
Home prices continue to be a hot topic, especially with mortgage rates hovering around 6.76%. The median sales price for residential homes and condos across the NWMLS service area rose 2.4% from January to February, reaching $630,000. However, county-specific trends vary:
- Snohomish County’s median home price dipped 9.33% from last year, now sitting at $607,500.
- King County prices remained steady at $820,000, showing stability despite shifting market conditions.
- Pierce County saw a slight increase of 0.75%, bringing the median home price to $541,000.
This drop in prices in Snohomish County may present a golden opportunity for buyers who have been waiting for more favorable conditions. If you’ve been holding off due to affordability concerns, now might be the time to revisit your options.
Rising Construction Costs Could Impact Home Prices
Another factor that could influence home prices in the coming months is the rising cost of new construction. With newly announced tariffs on imports from Canada and Mexico, construction costs could rise 4% to 6% nationwide, with home fixtures like cabinets and appliances increasing 10% to 20%. This means new builds could become even more expensive, pushing demand back toward existing homes.
What Does This Mean for Buyers and Sellers?
- For Buyers: More homes on the market mean more choices. While interest rates are still a factor, the decrease in home prices in Snohomish County offers an opportunity to find a home at a more manageable price point.
- For Sellers: With more inventory available, pricing your home correctly and presenting it well are key to attracting serious buyers. Homes that are priced competitively and well-maintained will stand out in today’s market.
Final Thoughts
The real estate market is shifting, but opportunities exist for both buyers and sellers. Whether you’re looking to move, invest, or simply understand the market better, I’m here to help you navigate the changes. If you have any questions or want to discuss your real estate goals, don’t hesitate to reach out!
Let’s find the right move for you.
- Kim Pelham | The Pelham Group Northwest
Katrina Eileen Brokerage | 