We ended the year on an aggressive note with home buyers making offers on 5,314 properties in December which exceeded the 3,857 listings added to the market by members. This continues to erode inventory while pushing prices higher!
There were 5,267 closed sales last month which outpaced the same month a year ago by 526 transactions; an increase of about 11.1 percent. The total closed inventory for 2012 was 64,624 units which was an increase of 14.8 percent from 2011.
The median price single family homes and condos in all 21 Counties served by the MLS was $255,000; also an increase of 13.3 percent from a year ago when the number came in at $225,000. Single family homes alone rose from $235,000 a year ago to $265,000 (12.8 percent); and in King County, the median price rose from $320,000 to $380,046 (18.8 percent).
The rise in prices and multiple offers can be attributed to the declining inventory as at the end of December, there were only 17,718 properties for sale area-wide compared to 26,639 for sale at this same time a year ago (decrease of 33.5 percent). In Snohomish County, inventory was down 53% while in King County, inventory is down about 51 percent (3,801 last month versus 7,472 a year ago).
Signs look good for continued strength in the real estate market in 2013 with low interest rates, lower inventory and reduced unemployment. If you’re looking to make a move, now is as good a time as any to benefit from the current real estate environment!