The median home price in the Mill Creek-Everett-Lynnwood area increased by about 10% in July 2012 compared to July 2011, according to the Northwest Multiple Listing Service, the largest full-service multiple listing service in the Northwest. The number of pending sales for this area increased about 20% and the inventory of available homes for sale dropped about 53% for the same period.
A Northwest Multiple Listing Service news release said, “Brokers around western Washington reported brisk activity during July with home buyers scrambling to take advantage of attractive financing while encountering shrinking inventory and, in some areas, rising prices.”
Mill Creek-Everett-Lynnwood single-family homes that sold last month had a median selling price of $275,000, up about 10 percent from the year-ago figure of $240,000.
For condominiums, the number of closed sales in the Mill Creek-Everett-Lynnwood area increased about 25% percent, and prices increased about 24%. The median price on July’s completed transactions was $155,000, up significantly from the year-ago figure of $125,000.
The number of pending sales of single-family homes and condominiums outpaced the number of new listings according to the Northwest Multiple Listing Services. This is the main cause of inventory shortages and bidding wars in some price ranges.
"Counter to the historic yearly pattern of increasing inventory from January to late summer, this year we have seen inventory levels shrink month over month," observed Joe Spencer, area director for the Northwest Region of Keller Williams. "This pattern of shrinking inventory, historically low interest rates and higher consumer confidence clearly signals that the market is on the rebound," he added.
"Simple economics is at play, with an imbalance in supply and demand that is positively influencing both valuations and the ability for banks to efficiently dispose of the remaining distressed property inventory. All of this bodes well for a sustainable housing recovery," said Spencer.
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service multiple listing service in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization is based in Kirkland, Washington, and currently serves 21 counties in Washington.