Housing inventory continues to swell in February

Newly released February home sales numbers reinforce the prevailing sense that the Puget Sound area is solidly a buyer's market.

Despite excellent weather last month, a bumper crop of houses and condos to choose from and low interest rates, 36 percent fewer King County properties sold last month than the previous in February. However, compared to January, sales activity was up, with 421 more houses and condos selling.

In surrounding counties, February's year-over-year sales were down 25 to 38 percent, the Northwest Multiple Listing Service reported today. The biggest drop was in Kitsap County, while Pierce experienced the least. Snohomish County was in the middle, with February sales down 33 percent.

The number of for-sale homes, meanwhile, remains high, with 69 percent more King County houses and condominiums and town homes on the market this February compared to a year ago. Last month saw 13,353 houses and condos for sale in the county, up from 12,370 in January.

Surrounding counties also reported significantly more homes for sale, but none came close to King County's totals.

A look at prices shows that the market is not in free fall — at least in King County, which has the lion's share of sales. Surrounding counties, however, are showing some significant weakness, a sign buyers are reluctant and sellers are ready to deal.

In King County, single-family homes sold for a median $429,900 last month, down about $5,000 from the month before, but within pocket change — $25 — of the previous February.

Condos, which account for roughly a third of the county's home sales, had a median sales price of $289,000 last month. That reflects a 1.3 percent increase over the previous February.

House prices in Pierce and Kitsap counties took a hit, dropping 7.4 percent and 12.3 percent, respectively.

That put Pierce's median at $265,750 last month, nearly matching January's number.

In Kitsap, which recorded just 181 sales last month, the median was $250,000. In January it was $278,553.

The median February price of Snohomish County single-family houses was $355,000 or $1,000 less than a year earlier.

Interest rates for 30-year, fixed-rate mortgages remained in the 6-to-7 percent range during the month.

Elizabeth Rhodes: erhodes@seattletimes.com