Home sales down, prices dip in latest NWMLS report

The latest from the Northwest Multiple Listing Service shows 7,570 pending sales of single-family homes and condominiums during March, down about 12 percent from a year ago.

Buyers had plenty of choices, although the selection was smaller than a year ago, reflecting fewer new listings being added to inventory. Members added 9,812 new listings to inventory last month compared to 12,994 additions for the same month a year ago. The Northwest MLS database included 33,444 active listings, including 28,146 single-family homes and 5,298 condominiums, at the end of March.

“The market is doing surprisingly well without a stimulus,” said OB Jacobi, president of Windermere Real Estate Company and a Northwest MLS director. “Considering that this time last year there was a rush of buyers trying to beat the tax-credit deadline, to have the number of sales off just slightly points towards a strengthening market.”

Last year’s activity was boosted by federal tax credits.

Northwest Multiple Listing Service includes more than 22,000 real estate brokers in 21 counties in Washington state.