Since the beginning of this year, the market has taken a rather big jump, launching us firmly into the Spring market!
Since January, the median home price in King County has risen from $781,000 to $840,000. Overall sales have nearly doubled since the beginning of the year. In Snohomish County, sales jumped 60% and the median home price went up by $25,000. NWMLS-wide, prices have also increased since January, up nearly 5.9%.
When we compare year over year, King and Snohomish sales are down approximately 30% and the median home price is down 10%.
When we drill down to the cities north of Seattle, we see the same upward trend since the beginning of the year. Most notable, the median home price in North Seattle has climbed 78% since January.
According to Freddie Mac, mortgage rates decreased for the fifth consecutive week last week. The 30-year fixed-rate mortgage (FRM) averaged 6.27%. A year ago, the 30-year FRM averaged 4.67%.