December 2013 NWMLS ActivityPosted: January 20, 2014
Now that 2013 is in the rear view mirror, let’s take a look back to see how we did and what may lie ahead?
Northwest MLS members added 4,333 new listing to inventory in December, outpacing the year ago number by 476 listings; a gain of 12.3 percent. We also ended 2013 with 19,214 listings compared to 17,718 at the end of 2012; the best year-over-year improvement of inventory with a gain of 8.4 percent. Snohomish County showed the biggest increase in supply compared to a year ago; up 43.6 percent (condo inventory nearly doubled…up from 172 to 342).
December’s pending sales of 5,224 was 1.7 percent lower than December of 2012 when we logged 5,314; in the 4-County Puget Sound region (King, Snohomish, Pierce & Kitsap) we closed out December with 3,957 pending sales compared to 4,181 at the same time a year ago (down 5.4 percent). We are seeing less than a 4-month supply of inventory in King, Snohomish and Pierce Counties.
Brokers reported 5,710 closed sales last month; a gain of 443 transactions, or 8.4 percent from the same time a year ago. For all of 2013, there were 75,517 closed sales system-wide; out-gaining the 64,624 total of 2012 by nearly 16.9 percent. Looking at the high-end market (homes from $1 million and up), Brokers reported nearly 500 more sales in 2013 than in 2012; a gain of about 40 percent.
Single family homes made up 86 percent of the closed sales last month with a median selling price of $285,000; up roughly 7.6 percent from December of 2012 ($265,000). Using the same data, King County’s median selling price was up 10.5 percent from $380,046 to $419,825. Condo prices were up 18.6 percent area-wide from $177,000 to $209,900; and in King County, they climbed 21.4 percent ($206,000 to $250,000).
The Median price for single family homes and condominiums combined in December was $275,000 compared to $255,000 in December of 2012; up 7.8 percent. In King County, the median price was up 9.9 percent ($375,900 compared to $342,000). Snohomish County prices climbed 13.7 percent.
All-in-all, it looks like 2014 will be an exciting year for real estate. As long as inventory levels stay consistent, price increases remain at supportable levels, unemployment continues to fall and interest rates stay in the 4’s (an affordability index of fewer than 24 percent), we should be able to continue the recovery.
If you’d like to learn more about the opportunities to buy and/or sell in this market, feel free to contact The Expert Real Estate Group. We’re always here to help!