Tight house supply pushes prices up in King County

From the Seattle Times, 2/5/2015

Expect to see housing prices to go up

“We’re a fast-growing area with not enough houses and condominiums on the market,” said Alon Bassok, a researcher at the University of Washington’s Runstad Center for Real Estate Studies. “We can expect to see housing prices go up.”

King County Residential

Last month’s median price of single-family homes sold in King County was $441,500, nearly 8% higher than January 2014. About 2% more homes sold than last year, and Pending Sales (sold but not yet closed) were also up making it the best January in nearly ten years.

Jan2015-2In King County, there were 14% fewer residential listings. The inventory is about 2-months whereas 4 – 6 months is considered a’balanced’ market. Some say that the shortage is actually worse than the numbers show because a significant chunk of the two-month supply is not in salable condition.

King County Condominiums

In the condominium market, buyers snapped up 13% more units in Seattle compared to a year ago. Seattle’s median condo price was $306,576, about 6% higher.

About 14% fewer condos on the Eastside were sold compared to last year with the median price about 10% higher at $285,000. King County’s median condo price rose 6% annually to $238,500.

Snohomish, Pierce and Kitsap 

The number of listings in Snohomish County was down 7% from a year ago. The median single-family price in Pierce County was $220,000, essentially the same as a year ago, and in Kitsap, $230,000, 6% higher.

Condominium prices jumped sharply in Snohomish and Pierce counties: Snohomish’s median price of $215,000 was 23% higher over the year, while Pierce saw its median soar 70% to $184,000.

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