The local housing market showed strong signs of a rebound in 2012, according to a year-end report from the Northwest Multiple Listing Service (NWMLS).
NWMLS, which includes 20,000 real estate agents and brokers in Washington state, said its members closed sales on 64,624 single-family houses and condominiums in 2012—a nearly 15-percent increase from 2011 sales.
The total value of the completed sales also increased, from $16.7 billion in 2011 to $19.9 billion in 2012. The jump marks an increase of nearly 20 percent.
Median home prices from around the NWMLS' 21-county service area increased from $235,000 to $245,000, but not all areas saw home prices go up. The median price for single-family houses grew 8.5 percent, but condo sales saw a median price drop of 2.7 percent, from $180,000 in 2011 to $175,200 last year.
The year's most-expensive sale was a Mercer Island mansion that sold for $21.65 million in September.
Meanwhile, stronger sales led to lower inventory. NWMLS said its brokers added 10,071 fewer new listings to its database in 2012 compared with totals for 2011—a nearly 10-percent decrease.
Did you try to buy or sell a home in 2012? What are your predictions for the local housing market in 2013? Tell us in the comments section.