KIRKLAND, Washington. (Jan. 19,
2017) – Members of Northwest Multiple Listing Service reported 95,500 closed
sales during 2016, outgaining the prior year’s volume of 88,331 transactions
for an increase of more than 8.1 percent. Inventory was at record lows for much
of the year.
Measured by dollars, last
year’s sales of single family homes and condominiums were valued at more than
$40.3 billion. Compared to 2015, that dollar volume represents a gain of nearly
18.2 percent.
The sales activity reflects the
work of 25,888 brokers across 23 counties in the member-owned Northwest MLS.
Last year’s completed sales
included 81,872 single family homes (about 86 percent of the total) and 13,628
condominiums. Of these sales, about 11.3 percent were newly built residences.
The area-wide median price for
last year’s sales of single family homes and condominiums (combined) was
$337,500, a gain of 8.9 percent from the year-ago figure of $310,000. A
comparison by county shows median sales prices ranged from $102,500 in Ferry
County to $489,000 in King County. With one exception (Ferry) all counties had
year-over-year price gains.
Year-over-year prices for
single family homes (excluding condominiums) increased 8.7 percent system-wide,
rising from $320,000 in 2015 to last year’s median price of $347,950. Condo
prices jumped 12.6 percent from the 2015 figure of $254,900 to last year’s
median selling price of $287,000.
Only about 7 percent of the
sales were for homes priced under $150,000. About one-third of the sales were
in the $300,000 - $500,000 range, with the largest share (34 percent) selling
for $150,000-$300,000.
Inventory shortages challenged
brokers and buyers throughout 2016. Member-brokers logged 121,468 pending sales
(mutually accepted offers) during 2016, while adding 113,305 new listings to
inventory. Brokers said depleted inventory often led to competitive bidding and
multiple offers for homes in the most desirable areas.
During 2016, the average
area-wide supply, as measured by months of inventory, averaged only 1.86
months, down from the previous year’s figure of 2.4 months. King County had the
lowest level, averaging only 1.1 months of supply. In general, industry
analysts use a 4-to-6 month range as an indicator of a balanced market,
favoring neither buyers nor sellers.
High-end sales also surged during 2016. Northwest MLS
members reported 3,251 sales of single family homes priced at $1 million or more,
up more than 21 percent from the 2015 total of 2,676 “luxury” sales. Condos
priced at $1 million and up accounted for another 339 sales. A total of 1,711
condos sold for $500,000 or more, outgaining 2015’s total of 1,459 half-million
dollar-plus sales (up 21.4 percent).
The highest-priced single
family home that sold during 2016 by a member of Northwest MLS was a property
on Mercer Island that commanded more than $9.75 million. Topping the chart of
high-priced condominiums was one at Escala in downtown Seattle high-rise that
sold for $8 million.
Among other highlights in its
annual compilation of statistics, Northwest Multiple Listing Service reported:
About 45 percent of last year’s single family home sales had three bedrooms,
while the vast majority of condos (nearly 76 percent) had two bedrooms or
fewer.
The median price for a 3-bedroom home that sold in 2016 was $311,000, about 9.8
percent higher than the previous year’s figure of $283,250. A comparison by
county shows the median price for a 3-bedroom home ranges from $120,000 in
Ferry County to $485,000 in King County.
Of the condo sales, about six of every 10 (61.7 percent) were located in King
County, primarily in Seattle or on the Eastside. That ratio matched the figure
for 2015.
For the new construction component involving Northwest MLS brokers, newly built
condos fetched higher prices than single family homes, just like 2015. Last
year’s sales included 9,416 newly built single family homes that sold for a
median price of $455,000 (up 11.8 percent from 2015), and 1,375 condos that
sold for a median price of $552,900 (up 22.9 percent from 2015).
A
comparison of 2016 and 2015 median prices of single family homes shows all but
one county reported year-over-year gains. Going back to 2007, most counties
have rebounded.
Prices vary widely among
school districts. Homes that sold last year in 13 districts reported median
prices of more than a half-million dollars, topped by Mercer Island at more
than $1.3 million.
Northwest Multiple Listing Service, owned by its member real
estate firms, is the largest full-service MLS in the Northwest. Its membership
of nearly 2,100 member offices includes nearly 26,000 real estate
professionals. The organization, based in Kirkland, Wash., currently serves 23
counties in Washington state.
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