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Sales High But Inventory Staggeringly Low As 2014 Closes

NWMLS has released their King County numbers for last month and, according to John L. Scott's J. Lennox Scott, "December was one of the best Decembers on record." As usual, that depends on who you're asking.

The number of closed sales was up 10.5% while pending sales were up 9.2% year-over-year. However, active listings were down a whopping 24.6% from November and down 11.8% YOY. Median price of single-family homes sold in King County in December was $440K, which is up 4.8% from 2013.

NWMLS noted that brokers across the four-county Puget Sound region secured 4,410 pending sales last month, the highest December volume since 2005. However, 2014 hasn't all sounded so cheery. Overall single-family homes sales were down across King County for the first time in six years.

One key section of the housing market remains high-end homes. Almost 2,000 homes prices over $1M sold in King County, which is over 25% higher than in 2013. Thank goodness those folks are finally getting a break...
· Local real estate leader calls December "One of best on record" [NWMLS]
· NWMLS: On-Market Listings Plummeted in December [SB]
· Flurry of year-end home sales brings strong finish to 2014 [ST]