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Puget Sound home prices up as inventory of homes for sale remains tight

Jeanne Lang JonesStaff Writer- Puget Sound Business Journal

The Puget Sound area housing market continued its rebound in January, with rising prices and double-digit increases in completed sales, according to the Northwest Multiple Listing Service. The supply of homes on the market remains tight as the supply in King and Snohomish counties fell below enough inventory for 1.4 months and hovered at 2.2 months in Pierce County.

Closed sales of single-family homes and condominiums in King County in January were up nearly 25 percent compared with a year ago. The median home price in King County rose to $315,000, up 12.5 percent compared with the median price of $280,000 in January of last year. Supply remained tight with listings of homes for sale down 47.65 percent compared to listings in January 2012.

Snohomish County posted similar results with closed sales of single family homes and condos in January up 20.2 percent. The median price of a home was $235,950, up 12.36 percent, over the median home price of $210,00 posted in January a year ago. The inventory of single-family homes and condos for sale in Snohomish County was down 51 percent from January a year ago.

Pierce County, meanwhile, posted the biggest increase in closed sales, up 27 percent compared to a year ago, as the inventory of homes for sale dropped by 31.4 percent. The median price of single-family homes and condos in Pierce County in January was $190,000, up 8.6 percent compared to the median price of $174,950 posted in January 2012.

Results were much the same for the 22 counties tracked by the Multiple Listing Service. There was a 23.6 percent increase in closed sales in January in these counties compared to closed sales in January 2012. Listings declined by 31 percent year over year. Meanwhile the overall median price, at $239,300, was up 11.3 percent compared to the median price of $214,990 a year ago.

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