Northwest Multiple Listing Service Reports Improving 2011 Real Estate Data

The Northwest Multiple Listing Service (MLS) published real estate statistics for 2011 Monday showing improving real estate sales activity. Members reported that competed sales of single-family homes increased 7 percent from 2010 and 10 percent for condominiums year-over-year.

However, in 2011 the median home price sale in King County was $311,748, 10.7 percent less than the level in 2010.

Inventory levels fell to 5.02 months in 2011 from a supply of 6.42 months in 2010.  Snohomish County had the lowest supply with 3.69 months followed by King County at 3.75 months.  A balanced market is considered by economists to have 3-6 months of inventory. Neither a buyer nor the seller has the upper hand in a balanced market.

Some interesting statistics for the Eastside include:

• There were 860 sales of homes over $1 million, with more than half (54.8%) in the Eastside’s waterfront areas of Beaux Arts Village, Clyde Hill, Hunts Point, Medina and Yarrow Point.

• Hunts Point was the location of the hghest priced single residential transaction of $14,750,000.  The highest priced condo sale was $3,249,000 in downtown Kirkland.

• The most expensive median price school districts were on the Eastside and include Mercer Island ($824,000), Bellevue ($550,000) and Issaquah ($530,000).

• The highest priced condominium, located in downtown Kirkland, fetched $3,249,000.

The Northwest MLS, based in Kirkland, serves 21 Washington counties.  wned by its member firms, it has more than 20,000 real estate brokers.

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Michelle Spohrer is a managing broker with John L. Scott Real Estate on the Eastside who focuses on Kirkland. See her Facebook page here.