Sale prices climb, even as the number of homes sold falls. Shortage of desirable inventory drives values up.
The number of homes closed in the first quarter of 2014 was down 11% to 1288 homes sold. Buyers continue the grapple with fewer desirable homes for sale–especially in the new construction arena which has long been a strength of the Eastside market. Many new construction homes are oddly sited in less than ideal settings as prime developable land evades builders' reach.
Home sale prices climbed 13% and condominium prices 6% over the past year. Market times in both realms are down as buyers scramble to purchase the best homes available in the marketplace. Driven by demand, the cost per square foot climbed 14% to $270 for homes and 8% to $258 for condominiums from last year. Multiple offers at the most active price points are becoming the norm.
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© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.