The OB Update Jan. 29

The Northwest Multiple Listing Service just put out their annual analysis of the 2014 Western Washington housing market. From a high level, the message has remained pretty consistent all year: low inventory, stiff competition, rising prices. But when I dove into the report a little deeper, I found some interesting data that I thought I’d share with you:

  • Screen Shot 2015-01-28 at 3.56.54 PMClosed sales: Northwest MLS broker-members reported 77,276 closed sales valued at nearly $28 billion.
  • Median price in Western WA: $285,000 for single-family homes and condos that sold last year, up about 5.6 percent from 2013.
  • Median price in King County: $440,000 for single-family homes, an increase of 6 percent from 2013. Median condo price was $252,000; increase of 8.6 percent.
  • MLS members added 107,722 new listings of SFH and condos to inventory, an increase of 3,554 (+3.4%) from 2012.
  • Represented 22,328 home sellers, on average, each month.
  • Median price in King County: $440,000 for single-family homes, an increase of 6 percent from 2013. Median condo price was $252,000; increase of 8.6 percent.
  • Months of supply: Inventory was tight in many areas. System-wide average for 2014 was 3.5 months; for 4-county Puget Sound region it averaged 2.5; in King county, supply dipped below 2 month for most of 2014.
  • Luxury sales: Reported 2,057 sales of single-family homes and 152 sales of condos priced at $1 million or more. 878 condos sold for $500,000 or more.
  • Highest prices: Among the 21 counties in the MLS service area, King County claimed the highest median price for single family homes that sold last year ($440,000).
  • New construction: The median price for 8,177 newly built single-family homes that sold in 2014 area wide was $374,000; for 607 newly constructed condos that sold the median price $369,950.
  • New listing activity and pending sales (mutually accepted offers) peaked in May.
  • Condos: Brokers sold 10,560 condominiums during 2014; about 62 percent of condo sales system-wide were in King County; 75 percent had two or fewer bedrooms.
  • Prices, 3-bedrooom homes: The median price for a 3-bedroom home that sold in 2014 was $262,500; county comparisons show a low-end range of $133,500 in Grays Harbor County to the high-end range of $410,000 in San Juan County.
  • Most expensive: The highest priced single family home that sold was in Medina ($11.3 million); the highest priced luxury condo was in downtown Seattle ($6.1 million).

If you have any questions about this information or anything else related to the Seattle housing market, contact your Windermere agent or go to Windermere.com.

OB Jacobi

President

Windermere Real Estate

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