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NWMLS market report for March 2013

The Northwest MLS (NWMLS) just released (late last week) sale and listing statistics for this past March. The news release definitely matches what is happening for my clients.  Here is an excerpt from the news release…

Prices “spiking” as home buyers compete for scarce inventory
KIRKLAND, Wash. (April 4, 2013)… Northwest MLS figures show year-over-year prices jumped 14.9 percent for the 21 counties in its service area. The median price for last month’s closed sales of single family homes and condominiums (combined) was $258,500, rising from $225,000 for the same month a year ago. Twelve counties reported double-digit gains, led by Ferry (up 70.9 percent), San Juan (up 47.3 percent), and Island (up 36.1 percent).
Prices for single family homes increased 14.3 percent, while the median sales price for condos, which accounted for about 12 percent of sales, surged 19.6 percent. Two-thirds of last month’s condo sales were in King County; prices there leaped 28.6 percent, increasing from $175,000 to $225,000. The price of a single family home that sold in King County jumped from $330,000 to $392,000 (up 18.8 percent).
Brokers reported 5,745 closed sales last month for a 13.9 percent increase from the previous year when they tallied 5,044 completed transactions.

Here is the full press release: http://www.nwmls.com/discover/nwreporter.cfm?SectionListsID=25

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