The Seattle real estate market saw the median sale price of single-family homes increase by 7.5%. This follows an 11% increase in 2013 to equal a cumulative 19% increase over the past two years.
There were 8,262 homes sold in 2014, up from 8,070 homes in 2013, despite the shortage of homes for sale that has dominated the headlines in the greater Seattle-Eastside region in past year.
Of the single-family home sales, 617 (7.5%) had a contract price above $1,000,000 and 4,484 homes sold at a price below $500,000. The number of homes sold below half a million dollars has remained steady over the past six years while the total number of homes sold overall increased significantly. Twenty percent more homes sold above one million dollars in 2014 than in the year prior.
The average market time remained at 34 days for single-family homes–the same as the prior year and still down markedly from the 60-90 days of the several years prior to that. This market time average can be deceptive however, as the most desirable homes are still selling in under a week while more challenged properties may sit on the market for months.
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© Copyright 2015, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.