For sellers, it’s a dream. For buyers, it’s a nightmare. And for sellers who want to buy their next home, it’s complicated.
The number of homes sold in Washington state last year blew past the heady home-selling days of 2007.
In 2015, 88,331 homes traded hands, a 14.3% gain over the 77,276 sold in the prior year, according to Northwest Multiple Listing Service. That works out to 75,975 single family homes and 12,356 condominiums which were valued at $34 billion, or 23% more than the dollar volume sold in 2014.
Sales exceed 2007 highs
Both the number of homes sold and the dollar volume for those 2015 homes sales sailed past the previous highs recorded in 2007, before the housing bubble burst and the financial crisis sent the economy spiraling into the Great Recession. In 2007, Northwest Multiple Listing Service members registered 82,197 sales valued at $32.3 billion.
The prices and number of sales, despite lower inventory, keep climbing.
Median price up almost 9% from 2014
Region-wide the median price for last year’s sales of single family homes and condominiums was $310,000, up 8.8% from $285,000 in 2014.
For single-family homes in King County, the median home price was $480,000, compared to $440,000 in 2014.
Number of King County homes sold up 9.4% from 2014
More than 26,600 homes sold, up more than 9.4% from 2014.
In Pierce County the median home price was $249,950, up from 230,000 the previous year. More than 13,200 homes sold, up 17.39% from 2014. And in Snohomish County the median home price was $355,000, up from $326,360 the previous year. There, 11,303 homes sold, a 16.80% increase over 2014.
Seattle Times, January 6, 2016