Northwest MLS, the source for the most current, accurate market listing data in Washington state, released its Market Snapshot for the month of February 2025.
Market Recap
Traditionally a quiet month, February’s market activity reflected consumer sentiment in two important areas: affordability and available inventory.
30-year mortgage rates dropped slightly from 6.95% to 6.76%, but that may not be enough to encourage buyers when faced with continuing rising prices. The median price for residential homes and condominiums rose 2.4% from $615,000 in January 2025 to $630,000 in February 2025.
Although the number of active listings is significantly higher than a year ago (39.4% greater), the annual growth in the number of transactions is much smaller (only 1.9%). “On balance relative to a year ago, more homeowners are wanting to sell,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER), “but buyers continue to be challenged by affordability.”
Overall, inventory levels remain stubbornly low. Most industry experts consider a balanced market to have 4 to 6 months of inventory. However, at the current rate of sales, it would take less than two and a half months (2.45) to sell every home that is for sale in the NWMLS service area.
Meanwhile, homebuilders are bracing themselves for increases in construction costs following the White House’s announcement of tariffs on imports from Canada and Mexico beginning March 4th. “The prices of materials will have a major impact on affordability,” said Bourassa, “and increases in construction costs will affect the prices of existing homes in addition to new homes.”
“The values of existing structures are based on their replacement cost,” he continued. “CoreLogic has estimated that the tariffs might increase the cost of home construction by 4% to 6% across the country, while household fixtures, such as appliances and cabinets, could increase in price by 10% to 20%.”
February 2025 Key Takeaways
Active Listings
- The number of homes for sale increased 39.4% year-over-year throughout the NWMLS service area. There were 10,448 active listings on the market at the end of February 2025, with 24 out of 26 counties seeing a double-digit increase compared to February 2024. When compared to the previous month, active inventory increased by 207 listings (+2%), up from 10,241 in January 2025.
- The six counties with the highest increases in active inventory were Kittitas (+76.7%), Snohomish (+65.3%), Grant (+54.2%), King (+52%), Whatcom (+48.2%) and Chelan (+42.7%).
Closed Sales
- There were 4,268 closed sales of residential homes and condominium units in February 2025, an increase of 1.9% when compared to February 2024 (4,189). When compared to the previous month, the number of closed sales increased by 14.5%, up from 3,727 sales in January 2025.
- The total dollar value of closed sales in February 2025 for residential homes was $2,856,599,410 and $463,877,754 for condominiums ($3,320,477,164 in total), an increase of 5% when compared to February 2024.
Median Sales Price
- Overall, the median price for residential homes and condominiums sold in February 2025 was $630,000, an increase of 3.6% when compared to February 2024 ($608,111).
- The three counties with the highest median sale prices were San Juan ($880,000), King ($820,000) and Snohomish ($734,975), and the three counties with the lowest median sale prices were Columbia ($224,000), Pacific $292,500) and Okanogan ($322,500).
New Construction
- NWMLS brokers reported 745 closed sales of new construction units in February 2025. This was a year-over-year decrease of 12.1% when compared to February 2024 (848 units).
- The median sales price for new construction units sold in February 2025 was $773,420, an increase of 5.9% from the February 2024 price of $730,000.
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during the month of February 2025:
- Keyboxes located at listed properties were accessed 115,611 times in February 2025, only a slight decrease from January 2025 when they were accessed 115,922 times. Keybox activity decreased by 3.9% year-over-year, with keyboxes being accessed 120,303 times in February 2024.
- The total number of property showings scheduled through NWMLS-provided software decreased 2.7% from 99,979 in January 2025 to 97,256 in February 2025. This was a year-over-year decrease of 8.3% from the number of showings in February 2024 (106,055).
- In February 2025, there were 13,537 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 14.3% year-over-year increase from February 2024.
Individual Market Analysis for Eastside Cities (Live Statistics):
Sammamish:
Redmond:
Bellevue:
Mercer Island:
Kirkland:
Buyers:
Act Quickly: Given the low inventory and high competition, it's crucial to move quickly when a desirable property becomes available.
Prepare Financially: Ensure your financing is pre-approved and be prepared to offer above the asking price in highly sought-after areas like Bellevue and Redmond.
Start Your Home Search Here
Sellers:
- Leverage the Market: The current market conditions favor sellers. With high demand and low inventory, you can expect to sell your property quickly and potentially above the listing price.
- Enhance Property Appeal: Invest in staging and minor renovations to make your property stand out and attract competitive offers.
Our Listing Process
With Shane & Anne, our mission is to prioritize our clients in every aspect of the real estate journey. We are committed to providing exceptional service and expertise in the luxury real estate market. Guided by our core values, we strive to build lasting relationships based on trust and mutual respect.
Our Core Values:
- Loyalty: We are unwavering in our commitment to our clients, always putting their needs and interests first.
- Honesty: We operate with the highest level of integrity, providing truthful and transparent communication at every step.
- Confidentiality: We respect our clients' privacy and handle all transactions with the utmost discretion.
We are committed to staying ahead of market trends and continuously enhancing our skills and knowledge to deliver unparalleled results. Our goal is to make the real estate experience as smooth and rewarding as possible, ultimately helping our clients achieve their real estate dreams.