Thursday, August 6, 2015

Prices Sizzle in Washington

NWMLS reports: Pent-up demand boosting Western Washington home sales and prices
KIRKLAND, Washington (August 5, 2015) – Pent-up demand continues to fuel home sales around Western Washington with millennials, military families and relocating workers vying for limited inventory. Brokers from Northwest Multiple Listing Service say they’re not seeing a typical summer slowdown.

Northwest MLS members reported 9,424 closed sales during July, easily surpassing the year-ago total of 7,878 transactions for an increase of 19.6 percent. Last month’s volume of closings also outgained June when members reported 9,163 closings.

Prices for last month’s completed sales rose 6.4 percent area-wide from a year ago, with considerable  variation across the 23 counties served by the multiple listing service. The median price system-wide for last month’s closed sales of single family homes and condominiums (combined) was $319,250.

Among counties in the central Puget Sound region, Kitsap County registered the largest year-over-year increase at 9.2 percent, and King County registered the smallest gain at 3.3 percent. The median sales prices in the four-county area ranged from a low of $245,000 in Pierce County to a high of $439,000 in King County.

Prices are escalating at a faster pace in Kitsap County than in King County. MLS  figures indicate the median price in Kitsap County has surged 22.4 percent since January, which compares to a 12.6 percent jump in King County.

Please email for more information on home sales inventory and pricing in your favorite Seattle neighborhood.

Happy Investing!

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