Thursday, January 23, 2014
Home Sales and Prices Up in King County
closed sales during 2013, surpassing the 2012 volume by around 11,000 transactions for an increase of
nearly 17 percent. Measured by dollars, last year’s sales of single family homes and condominiums were
valued at nearly $25.5 billion to outgain the previous year by more than $5.5 billion (up 27.4 percent).
Last year’s completed sales included 65,122 single family homes and 10,395 condominiums, as tallied by
nearly 21,000 real estate brokers in the 21 counties that make up the Northwest MLS service area. The
total units and dollar volume are the best since 2007 when members registered 82,197 sales.
The area-wide median price for last year’s sales was $270,000, improving on the previous year’s figure of
$245,000 (up 10.2 percent). A comparison by county shows median sales prices ranged from $118,750 in
Pacific County to $372,000 in King County.
Prices for single family homes (excluding condominiums) also rose 10.2 percent from 2012, increasing
from $255,000 to $281,000. Condo prices jumped 15.3 percent, rising from the 2012 figure of $175,200
to last year’s median price of $202,000.
By one measure, buyers who shopped during 2013 had a bigger selection as members added more than
104,000 listings to inventory during the year. That was an improvement over 2012 when members added
91,359 new listings. However, brisk sales meant the total number of active listings, which averaged
21,946 during 2013, fell below the previous year’s average of 24,604.
During 2013, the area-wide supply, as measured by months of inventory, ranged from a low of 1.95 in
March to 3.68 in December. Industry watchers tend to use a 4-to-6 month range as an indicator of a
balanced market, favoring neither buyers nor sellers. Supply tended to be tightest in King and Snohomish
Further evidence of a housing recovery is reflected in high-end sales. Northwest MLS members reported
1,621 sales of single family homes priced at $1 million or more, up 45.2 percent from the 2012 total of
1,116 such sales. Condos priced at $1 million and up accounted for another 137 sales.
Nearly half (49 percent) of last year’s single family home sales were 3-bedroom homes. More
than three-fourths (77 percent) of condos that sold had 2 bedrooms.
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service
MLS in the Northwest. Its membership includes more than 20,000 real estate brokers. The organization,
based in Kirkland, Wash., currently serves 21 counties in Washington state.
Please message me at HomeLandInvestment@gmail.com for a free list of active properties in your favorite price range and neighborhood.
Photo courtesy of Shivani Patel