#431 - Housing Market Stays Hot Despite Some “Lousy” February Weather

Housing activity during February remained hot around much of Washington state despite a significant accumulation of lowland snow over the Valentine’s Day weekend, according to the latest statistical report from the Northwest Multiple Listing Service.

“It’s amazing how close the February numbers are when compared to February 2020, which was, of course, right before our world changed,” said Mike Grady, president, and CEO of Coldwell Banker Bain.

"Despite our similarly lousy February weather, the data show that the market continues to be hot, with residential inventory very tight and median prices rising by double digits across most of our counties.”

Northwest MLS figures show brokers added a similar number of new listings of single-family homes and condos last month (7,418) as a year ago (7,786), for a difference of 368 properties (down 4.7%). For residential units (excluding condos), there was a 6.8% year-over-year (YOY) drop.

Total active listings of single-family homes declined nearly 44% from a year ago. The selection of single-family homes fell more than 51% while condo inventory rose 7.9%.

“A decline in listing volume this year should not surprise anyone,” remarked James Young, director of the Washington Center for Real Estate Research at the University of Washington. 

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