The NWMLS (Northwest Multiple Listing Service) that almost all local residential agents are members of, just released some interesting statistics for the year 2003. I thought I would share the highlights with you. To download the complete report go to http://www.seattle-realestate.com/PDF/Review03.pdf.
During 2003, members of the NWMLS
o Reported 83,867 closed sales with a combined value of more than $21.7 billion.
o The number of units sold rose almost 21% from 2002 while the dollar volume of the transactions jumped more than 26%.
o Reported 578 sales of single family homes priced at $1 million or more (up from 438 during 2002) and 255 sales of condominiums priced at $500,000 or more (up from 181 during 2002).
o The MLS area covering Bellevue west of 405 had the highest number of million dollar-plus sales with 85. Kirkland reported the highest number of high-end condominiums with 50 condos there selling for $500,000 or more.
o Among the 14 counties in the MLS service area, San Juan claimed the highest median price ($315,000) for single family homes that sold last year; King County followed at $292,430.
o More than seven of every 10 transactions were cross-sales (listed and sold by different offices) .
o Added 122,275 new listings to inventory, a slight drop from the previous year when members reported 124,769 new listings.
o Added the highest monthly volume of new listings (12,240) during January.
o Represented an average of 28,300 sellers each month (up from the 2002 average of 27,359).
o Reported price gains over 2002 in all but one county (San Juan).
o In the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap), only 35% of single family homes sold for under $200,000. In the 9 other counties in the NWMLS service area, approximately 73% of the sales of single-family homes sold for under $200,000.
o About seven of every 10 listings in King County sold within 60 days during 2003.
o Sold more than 11,000 condominiums — 70+% of them in King County.
o Of condos that sold last year, more than 76% had two or fewer bedrooms.
o Found homes in the Mercer Island School District fetched the highest median sales price ($627,500).