Housing Inventory Surges 28% Ahead of Spring Market

Inventory Surges 28% as Mortgage Rates Dip Below 6% Ahead of Spring Market

Homebuyers in Washington are finally getting some breathing room. But it’s not necessarily good news for sellers.

February 2026 Key Takeaways

• Homes listed for sale increased nearly 28% year over year.
• Closed sales decreased 3% year over year.
• Sold Prices decreased 1.6% year over year.

Inventory continued to expand across the region in February, providing buyers with significantly more options than a year ago. Active listings increased nearly 28% year over year to 13,341 properties, with 19 of 27 counties posting double-digit gains. Compared to January, inventory rose 7.8%, signaling continued seller participation heading into the spring market.

Closed sales totaled 4,139 transactions, down 3% from February 2025 but up 19.5% from January. The median sales price for residential homes and condominiums reached $620,000, down 1.6% from last year while rising 4.2% compared to the prior month.

“The good news is that mortgage interest rates dropped below 6% at the end of February, for the first time since September 2022,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “The lower interest rates have not yet led to increased sales on a year-over-year basis, with the number of transactions declining 3% and prices down relative to February 2025. Listings continue to increase year over year, up 28%, as sellers decide to move on with their lives rather than wait for better market conditions. Compared to January, however, listings, sales, and prices were all up.”

Broker and buyer activity reflected steady engagement. Keybox activity increased 6.9% from both a year ago and the prior month, while property showings held relatively steady compared to January. Additionally, 76% of listings in the NWMLS database qualified for down payment assistance programs, expanding opportunities for buyers across the region.

Active Listings

• The total number of properties listed for sale increased nearly 28% year over year, with 13,341 active listings on the market at the end of February 2026, compared to 10,448 at the end of February 2025. Month over month, active inventory increased by 7.8%, up from 12,376 in January 2026.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 19 of 27 counties posting double-digit increases. The five counties with the largest increases were Jefferson (+70.3%), Adams (+69%), Walla Walla (+56.1%), Snohomish (+50.2%), and Clallam (+45.6%). 

Pending Sales

• There were 5,886 residential units & condo units under contract in February 2026, a slight increase of .4% when compared to February 2025 (5,863). When compared to the previous month, the number of pending listings increased by 8.7%, up from 5,419 listings under contract in January 2026.

Closed Sales

• Closed sales decreased 3% year over year, with 4,139 sales in February 2026 compared to 4,268 in February 2025. Month over month, sales increased 19.5%, up from 3,465 in January 2026.
• Year-over-year closed sales increased in 14 of 27 counties, while 12 counties saw decreases and one county (Cowlitz) reported no change.

  Statistically Speaking The First Three (3) Weeks of March Are The BEST Time to List Your Home For Sale!

   

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in February 2026 was $620,000, a 1.6% decrease from February 2025 ($630,000). Month over month, the median price increased 4.2% from $595,000 in January 2026.
• The counties with the highest median sales prices were King ($840,000), San Juan ($732,500), and Snohomish ($720,000), while the lowest median prices were recorded in Pacific ($300,000), Columbia ($247,000), and Ferry ($215,000). 
• The total dollar value of closed sales in February 2026 was $2.79 billion for residential homes and $362.7 million for condominiums, for a combined total of $3.15 billion.

People often ask when is the best time to list my home for sale? And that time is NOW: MARCH

For 4 straight years in the greater Seattle area homes listed in March and closing in April have received the highest sales price each year when compared to other months. In fact, waiting just 1 month and listing in April with closings taking place in May or June have shown to cost some homeowners over $100,000 in sales price compared to similar homes that listed in March and closed in April!