The Northwest MLS has released their Western Washington real estate statistics for April 2015.
We are seeing a record pace of home sales in King County due to increasing demand and limited inventory. King County reported 2983 closed sales this month versus 2670 in March. Closed sales are up 14.77% from this time last year and up 66.7% from two months ago! The median price of single family homes rose 9% since March while condo prices rose only .89% since last month. Pending sales have increased 17.43% from the same time last year and are up 8.14% from last month. Inventory of homes for sale is down 14.34% compared to last year at the same time.
King County Data for April 2015:
King County median prices have increased 11.66% from twelve months ago.
There were 2983 closings in King County for single family homes and condos, up 14.77% from a year ago.
Pending sales for King County were up 17.43% from the same time last year.
There were 3864 active listings in King County for April 2015, down 14.34% from a year ago but up 8% from last month.
There were 4329 new listings in King County compared to 3749 new listings in March.
The single family median price was $480,000 compared to $430,500 last April – an 11.5% gain.
The news is much the same as the last few months – Spring 2015 remains very much a seller’s market. Buyers should anticipate waiving contingencies and escalating well above list price on better homes, especially in Seattle and on the Eastside. Although there was a considerable increase in new listings last month – these homes were quickly snagged by eager buyers. With a high number of qualified buyers vying for a limited inventory of homes, we anticipate this market remaining this way for the foreseeable future.