Northwest MLS brokers report nearly $20 billion in sales for
2012, outgaining prior year by $3.2 billion
MLS brokers report nearly $20 billion in sales for 2012 outgaining prior year
by $3.2 billion
of Northwest Multiple Listing Service tallied 64,624 closed sales of single
family homes and condominiums during 2012, improving on 2011â€™s volume by 8,332
transactions for a gain of nearly 15 percent.
yearâ€™s completed sales included 55,699 single family homes and 8,925
condominiums. Together, these sales were valued at more than $19.9 billion,
which compares to the previous yearâ€™s total of around $16.7 billion (up nearly
prices area-wide increased by $10,000 (about 4.3 percent), rising from $235,000
to $245,000, although not all areas reported gains. Mason, Snohomish and King
counties reported the healthiest jumps.
on single family homes rose, while condo prices fell. The median price for
single family homes that sold last year was $255,000 across the 21 counties,
improving on the previous year by 8.5 percent. King County claimed the highest
median prices for single family homes ($365,000), while the most affordably
priced homes â€“ based on 2012 median prices -- were located in Pacific County
prices declined about 2.7 percent, with the area-wide median price falling from
$180,000 in 2011 to $175,200 for last yearâ€™s sales.
also shrunk from 2011 levels year as a result of stronger sales and fewer new
listings. Over the course of the year, brokers added 10,071 fewer new listings
to the Northwest MLS database when compared to 2011 for a drop of 9.9 percent.
its annual statistical summary report for its 20,000-plus brokers, the multiple
listing service examined various indicators of activity. Among the findings:
- Single family homes accounted
for about 86 percent of the sales volume as measured by units, and nearly
90 percent of the dollar volume.
- About 40 percent of last yearâ€™s
sales were for homes in King County.
- About half the homes that sold
last year (48.8 percent) had 3 bedrooms, while more than three-fourths of
condos (77 percent) had 2 or fewer bedrooms.
- Last yearâ€™s sales included
7,710 newly built single family homes and 930 newly built condominiums. Of
this new construction component, new condos fetched a higher price
($331,888) than newly built single family homes, which had a median sales
price of $299,950.
- Northwest MLS brokers reported
1,254 sales with prices of $1 million or more, including 1,116 single
family homes and 138 condominiums. More than half the top-end homes were
located in Eastside communities, including Bellevue, Kirkland, Mercer Island
- The highest priced single
family home in the MLS system that sold last year was on Mercer Island
(with a selling price of $21.625 million), while the most expensive condo
($4.25 million) was a penthouse in a downtown Seattle high-rise.
- Northwest MLS members reported
93,778 pending sales (mutually accepted offers) during 2012. That marked
an increase of about 15.6 percent from 2011 when members logged 81,109
pending sales. (Note:Â Not all pending sales become closed transactions.
Failed home inspections, mortgage loan rejections, low appraisals and
contract contingencies are among many factors that cause transactions to
- The pace of sales as measured
by â€œmonths supplyâ€ (an estimate of how long it would take for all
inventory of active listings to sell at the current pace assuming no new
inventory is added) showed a system-wide total of 3.15 months, which
compares to a figure of 5.02 months for 2011. Based on this barometer,
both King and Snohomish counties averaged less than two months of supply
during 2012. (Analysts consider a supply of 3-to-6 months to be a balanced
market, meaning the market favors neither buyers nor sellers.)