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.

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NWMLS Current Market Report

KIRKLAND, Wash. (April 4, 2013) –Brokers added 9,332 new listings to the Northwest Multiple Listing Service database during March, but pending sales topped that number to further crimp inventory and trigger competitive bidding among buyers who are flocking to open houses.

Northwest MLS figures show year-over-year prices jumped 14.9 percent for the 21 counties in its service area. The median price for last month’s closed sales of single family homes and condominiums (combined) was $258,500, rising from $225,000 for the same month a year ago. Twelve counties reported double-digit gains, led by Ferry (up 70.9 percent), San Juan (up 47.3 percent), and Island (up 36.1 percent).

Prices for single family homes increased 14.3 percent, while the median sales price for condos, which accounted for about 12 percent of sales, surged 19.6 percent. Two-thirds of last month’s condo sales were in King County; prices there leaped 28.6 percent, increasing from $175,000 to $225,000. The price of a single family home that sold in King County jumped from $330,000 to $392,000 (up 18.8 percent). Brokers reported 5,745 closed sales last month for a 13.9 percent increase from the previous year when they tallied 5,044 completed transactions.

Brokers say even distressed sellers are receiving multiple offers for their homes.

Inventory is depleted area-wide, with only 18,500 active listings in the MLS system at month end. That total is down by almost 6,400 listings year-over-year for a 25.7 percent drop. Counties with the largest declines include Clark (down 46 percent), Snohomish (down 43.8 percent) and King (down 42.4 percent).

System-wide, there is less than a two-month supply of homes, with the tightest selection in Snohomish (0.93 months), King (1.03 months), Clark (1.81 months) and Pierce (1.68 months) counties. In general, analysts consider four-to-six months of supply to be normal.

Five counties – Ferry, Grays Harbor, Island, King, and Snohomish -- reported fewer pending sales than a year ago, likely a consequence of the limited selection.

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 21,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.