Industry News

Pacific Northwest home buyers gain advantage

Despite price growth, rising inventory helps to level playing field

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home sales in western and central Washington sank for the eighth straight month in October, as a surge in listings gave buyers more time to gauge the market, according to the latest figures from Northwest Multiple Listing Service. Brokers reported 8,036 home sales last month, down 11 percent from a year earlier when 9,035 sales were recorded, according to MLS statistics. In October, the median price paid for single-family homes and condos increased 9.8 percent from a year ago to $315,000. In King County (Seattle), which accounts for about four of every 10 sales in the MLS service area, the median price of a single-family home (excluding condominiums) rose 12.8 percent, increasing from $390,000 a year ago to $440,000 for sales that closed last month. Condo prices jumped 20.8 percent, climbing from a median selling price of $215,000 a year ago to last month's figure of $259,700. For most counties in the Northwest MLS market area, price gains from a year ago tended to be in the r...