The number of homes closed in Seattle and average sale prices are both up a whopping 11%. The shortage of homes for sale and pent up buyer demand are key factors driving the market upward.
The average days on market for closed sales in the first quarter–homes that typically went under contract November-January–was 49. This is 1 day fewer than last year's sizzling pace and down from 89 days in 2012.
Average sale prices were up 11% to $532,813 from $480,626 during the first quarter of last year. Average cost per square foot increased 12% to $264 from $236 a year ago. Multiple offers are more typical than not in many neighborhoods.
Seattle condo prices have benefitted nicely as well with the average sale price up 8% to $386,151 compared to last year. The cost per square foot climbed 9% to $384 per square foot of all condos closed in the first quarter.
Click here for the full report and to see how prices have changed in your neighborhood!
© Copyright 2014, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.