.

Report: Local Home Sales Up 15 Percent in 2012

A year-end report from the Northwest Multiple Listing Service shows positive signs for the local housing market.

The local housing market showed strong signs of a rebound in 2012, according to a year-end report from the Northwest Multiple Listing Service (NWMLS).

NWMLS, which includes 20,000 real estate agents and brokers in Washington state, said its members closed sales on 64,624 single-family houses and condominiums in 2012—a nearly 15-percent increase from 2011 sales.

The total value of the completed sales also increased, from $16.7 billion in 2011 to $19.9 billion in 2012. The jump marks an increase of nearly 20 percent.

Median home prices from around the NWMLS' 21-county service area increased from $235,000 to $245,000, but not all areas saw home prices go up. The median price for single-family houses grew 8.5 percent, but condo sales saw a median price drop of 2.7 percent, from $180,000 in 2011 to $175,200 last year.

The year's most-expensive sale was a Mercer Island mansion that sold for $21.65 million in September.

Meanwhile, stronger sales led to lower inventory. NWMLS said its brokers added 10,071 fewer new listings to its database in 2012 compared with totals for 2011—a nearly 10-percent decrease.

---

Did you try to buy or sell a home in 2012? What are your predictions for the local housing market in 2013? Tell us in the comments section.

UberRandy January 21, 2013 at 10:16 PM
The Redmond market specifically is very low on inventory. A well priced home in good condition is selling quickly. It's not uncommon now to have more the 30 people look at a home during a Sunday open house. I've spent all weekend trying to find houses for buyers. Inventory is low and NOW is the time that your house will shine above the rest.
Valerie Spiegler January 22, 2013 at 04:25 PM
The greatly improved market is fabulous news for many prospective home sellers. It is totally irrelevant news if your home is caught in the Sammamish town center sub-area. There, home values are now "0" due to the re-zoning in 2011, and land values only continue to sink. For those of you who know little about, or care little about, the town center project, I'll tell you why this is so. The City of Sammamish, for YEARS now, has deliberately refused to take any honest, positive action to either amend the seriously flawed town center plan so that it can be moved forward or to have (at the least) the good conscience to beg out of it. In the meantime, those of us (many elderly) with homes and properties in the sub-area are literally stuck in limbo in a personal and financial nightmare that appears to have no end.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »