You read that right... the median selling price in King County (single family homes) rose 8.2% in one month alone.
The King County median house price for single family homes that closed in March came in at $698,000, which represents an 8.2% increase compared to February ($645,000) and a 17.8% increase compared to March of 2017.
The first quarter of 2017 also saw a significant one month spike, when prices rose 9.1% between January and February.
Why the spike? In March, there were 24.2% more home closings than in February, and the bulk of the homes closing in March would have first gone under contract in February - new listings in February only rose 11.0% compared to January.
The result? Competing buyers, and this figure helps illustrate it: the average sale to list price in March was 102.4% of list price, compared to 101.0% of list price in February and 100.0% in January.
*Information and statistics derived from Northwest Multiple Listing Service