Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to a year ago, marking the 11th straight month of month-over-month increases. Twelve of the 21 counties in the Multiple Listing Service (MLS) market area reported double-digit gains in pending sales, led by San Juan County (up 85.7 percent), Snohomish County (up nearly 71 percent) and King County (up nearly 63 percent).

Prices, while showing signs of stabilizing, still lagged year-ago figures. In the four-county Puget Sound region, the median price for single family homes that sold and closed last month was $297,000, down about 2.6 percent from the year-ago figure of $305,000. Condo prices in the area fell 7.7 percent, from the year-ago selling price of $253,000 to $233,500 for last month’s sales. 

10,663 new listings were added to the inventory last month, bringing the total number of active listings in the MLS to 36,350. That total is down 7.5 percent from the same month a year ago, creating a more balanced market.

Move-up buyers are accounting for some of the surge in activity. Brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and thawing jumbo loan market as factors in spurring activity for this segment. Interest rates on jumbo loans (more than $567,500 in King, Snohomish and Pierce counties) fell to 5.79 percent on a 30 year fixed-rate loan in the past few weeks. That’s a five-year low, according to Informa Research Services, whose clients include the nation’s top 25 banks.

Earlier in the week, the state Employment Security Department reported the state’s economy "picked up some steam in January," adding an estimated 12,400 jobs – the first monthly gain since November 2008.