Market Information February 6, 2014

Thin inventory puts pressure on King County home prices

Thin is an understatement! Check out this article from today's Seattle Times:

Thin inventory puts pressure on King County home prices

Seattle Times business reporter


Buyers paid a median $410,000 in King County, and $295,000 in Snohomish County
But the median is still below the recent peak of $434,000 last July, after a spike in interest rates curbed buyers’ appetites.

Buyers in January paid a median $410,000, down from $419,825 in December, the Northwest Multiple Listing Service reported Wednesday.


The inventory of single-family homes for sale was larger than a year ago. There were 3,132 active listings last month, up slightly from the previous January’s 2,975 but still far below the 5,378 listings in January 2012.


The tight inventory is pushing prices higher, experts said, even as buyers are being more selective in striking deals.


Pending sales, which are mutually accepted offers that haven’t closed, were down 5 percent from a year ago, while closed deals dipped as well. In Snohomish County, closed sales were down even more — 15 percent over the year, despite a 33 percent jump in inventory — in part due to uncertainty over whether Boeing would build the 777X in the Puget Sound region.


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