2013 NWMLS ActivityPosted: January 26, 2014
Looking back, members of the Northwest MLS reported 75,517 closed sales (65,122 single family homes and 10,395 condominiums) during 2013, beating the 2012 numbers by roughly 11,000 transactions… an increase of about 17 percent. Last year’s volume was nearly $25.5 billion in sales which outperformed 2012 by over $5.5 billion. This was the best performance we’ve seen since 2007 when members reported 82,197 sales with a volume of $32.3 billion.
Last year’s median price for single family homes and condominiums as reported by the nearly 21,000 members in the 21 Counties served by the Northwest Multiple Listing Service came in at $270,000; compared to $245,000 reported in 2012 (an increase of 10.2 percent). The median price for single family homes alone increased from $255,000 to $281,000 (up 10.2 percent) and condominiums increased from $175,200 to $202,000 (up 15.3 percent).
While we had the addition of over 104,000 new listings to inventory last year compared to 91,359 in 2012 (up 13.8 percent), the rise in sales brought our average inventory count down from 24,604 in 2012 to 21,946 in 2013 (down about 11 percent). Inventory area-wide as measured by month’s supply ranged anywhere from 1.95 months in March to 3.68 in December; King and Snohomish County always seemed to lean toward the shorter end.
High-end sales showed an awesome recovery as members reported 1,621 sales of single family homes priced at $1 million or above (compared to 1,116 in 2012…up more than 45.2 percent); and 137 sales of condos priced at or above $1 million (almost equal to 2012’s 138). The highest price single family home sale was in Medina weighing in at $9.75 million while the highest condominium price was for a Penthouse in downtown Seattle at $6.2 million.
The housing recovery is underway and as rates and prices are expected to rise with jobs continuing to recover, this may be the perfect time to make a move. We here at The Expert Real Estate Group are always happy to help…please let us know how we can be of service!!