NW MLS: Housing Market Back to “Pressure Cooker Situation” But Brokers Remind Sellers “Pricing Is Still Important”

The Northwest Multiple Listing Service shared the following press release summarizing the March market on April 5: 

Job growth and a recent run-up in mortgage rates has created an “extremely intense market for each new listing,” stated J. Lennox Scott, chairman and CEO of John L. Scott Real Estate in commenting on the latest statistics from Northwest Multiple Listing Service.

MLS figures for March show a surge in both new listings and pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29 percent (from 7,980 in February to 10,311 in March), while the volume of new listings jumped more than 45 percent from February to March.

“What used to be a quick action market for buyers is now, once again, an instant response market, and this has been the case since the first of the year,” remarked Scott, adding “This is especially true in the more affordable and mid-price ranges in all markets, and also pertains to luxury properties close to the job centers.”

Click here to read the full release.

Click here to view the Market Snapshot infographic (note: you can share this on your social media outlets).

Click here to view a summary of March’s numbers.