First-time home buyers are continuing to help fuel a rebound in Western Washington's housing market, according to a December report from the Northwest Multiple Listing Service (NWMLS).
NWMLS, which includes local real estate agents and brokers, said buyers made offers on 5,314 residences last month while 3,857 owners listed their homes for sale. This marks the fourth consecutive month that offers have outnumbered new listings.
The number of pending sales dropped from November's total of 6,522, but NWMLS attributed the decrease to a routine seasonal slowdown at the end of the year. Last month's figure marks a "modest increase" of 1.5 percent from December 2011.
Meanwhile, inventory is continuing to thin out and prices are creeping up. The median sale price in the NWMLS service area rose from $225,000 to $255,000 in the last 12 months.
Market Activity Summary, December 2012 (source: NWMLS)
Single Fam. Homes + Condos
LISTINGS
PENDING SALES
CLOSED SALES
New Listings
Total Active
# Pending Sales
# Closings
Avg. Price
Median Price
King
1,378
3,801
2,056
2,188
$425,210
$342,000
Snohomish
581
1,513
872
892
$279,231
$254,975
Pierce
701
2,734
986
808
$232,956
$200,563
---
How would you evaluate our local housing market? Tell us in the comments section.
