According to the latest Northwest MLS Press Release, the figures in King County show inventory is down sharply from a year ago (declining almost 28%), while pending sales (mutually accepted offers) rose almost 22%. The volume of closed sales more than 20%, topping the 6,000 mark for the first time since September 2007.
“The median price on last month’s completed transactions of single family homes and condominiums edged up slightly more than a percentage point compared to a year ago, rising from $239,999 to $242,500. For single family homes (excluding condos) prices area-wide increased 2.34 percent, while condo prices slipped more than 5 percent.” The press release stated.
Among the neighborhoods, the city of Seattle led the way in May, with the median sale price climbing more than 10 percent from the same month in 2011. Bellevue area also showed a big gains with 19.9% increase comparing May 2011. Sales volume also was up: the number of closed house sales in King County in May topped 2,000 for the first time since August 2007 and was up 24 percent from May 2011. According to the Seattle Times, the King County were even more evident than in Snohomish County with 7% median house price increase in May (Closed sales were up nearly 25% percent, plus inventory was down a whopping 61%).
Median prices, year-over-year
King County up 4.9%
Snohomish County up 7.3%
Seattle up 10.5%
Eastside up 1.2%
Source: Northwest Multiple Listing Service Press Release June 4, 2012
House prices stay on rise in King and Snohomish counties