King County Home Sales Lead the Way

By Marc Styles, Puget Sound Business Journal, May 6th, 2015

New data confirm what most everyone knows: the central Puget Sound region’s housing market is frothier than a milk shake.

Prices have shot up more than 13 percent throughout the region as more and more buyers compete for fewer houses, according to a report the Northwest Multiple Listing Service (NWMLS) put out Tuesday.

The question on the minds of many people is whether the region’s housing market is over-heated and headed for another collapse only seven years after the Great Recession.

Ken Anderson, managing broker of Coldwell Banker Evergreen Olympia Realty, says there are two reasons why the answer is no. There’s no overbuilding like there was last decade, and buyers are “truly qualified for today’s mortgages,” he said in a statement. “This time the market improvement is built on solid footings.”

In April, Realtors in the four-county metro region teed up more than 8,670 pending sales. That was only the second time in 16 years that this number has exceeded 8,000, according to the NWMLS. At the same time, the number of residences on the market is down 17.7 percent.

No surprise then that housing prices are way up. The median prices of condo and house sales that closed in April were up more than 13 percent in Pierce and Snohomish counties compared to a year ago. Prices were up 11.7 percent in King County and 8.6 percent in Kitsap.

Buyers are flocking to outlying areas. The favorite spot is Pierce County, where the median house price is 52 percent lower than in King County. Pending sales in Pierce were more than a fifth higher than a year ago.

Pending sales were up 20 percent in Snohomish County and 17.4 percent in King. In Kitsap they were up 10 percent.

Here’s are April’s median sales prices for houses: $480,000 in King; $359,975, Snohomish County; $256,750, Kitsap; and $249,950, Pierce.

The median sales price of condos in King County last month was $272,000. In Snohomish County, it was $206,000. And in Pierce and Kitsap, they were $169,00 and $179,000, respectively.

 

The Seller’s Market Marches On…

In a hot market like this, there seem to be no shortage of buyers – only listings. The combination of limited inventory and motivated buyers continue to drive up prices: first in King County, but in the surrounding Puget Sound counties as well.

As a homeowner, if you have been considering the sale of your home, now is an excellent time to list. Please call our team for a Free Home Price Estimate on the value of your home, and we can discuss a strategy for preparing your home for sale. Contact us today – your home may be worth more than you think!

 

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