A lean supply of homes and condominiums for sale coupled with a healthier supply of buyers helped drive up average residential sale prices 9.2 percent in Western Washington and 4.6 percent Pierce County last month, according to new figures from the Northwest Multiple Listing Service.
In neighboring Thurston County, however, median prices for homes and condos continued falling from year-ago prices, the listing service said.
The median price of a residence sold last month in Pierce County was $200,500. That compared with $191,750 in September 2011.
Throughout the 21-county service area, closed sale prices rose to $255,500.
Thurston County closed sale median residential prices were $211,000 last month compared with $219,950 in September 2011. The median price is the price at which half the residential sales prices are below that figure and half are above.
Brokers said the tight supply situation means that buyers can no longer make low-ball offers and expect to buy a home.
Sellers of well-priced, attractive homes are receiving multiple bids on their homes, said broker Frank Wilson of Poulsbo.
The supply-demand situation is continuing in October. Pending sales are up 13.36 percent in Pierce County, according to the service, while total residences on the market were 27.79 percent down as of the end of September.
Through the nine months of 2012 in the service region, closed sales are up 14.6 percent, the new statistics said.
The highest median home sale prices in the service’s territory were in San Juan County at $375,000. King County was second with a median of $335,000.
Brokers added just 7,300 new listing to the 21-county inventory of homes and condos for sale last month. That’s the fewest number since January. New to the market in Pierce County in September were 1,128 residences. The total number of single-family homes and condos on the market in Pierce County last month was 3,731 compared with 5,187 12 months earlier.
Thurston County real estate brokers had an inventory of 1,283 residences for sale last month compared with 1,744 on the market in September 2011.
In Snohomish County, the inventory drop was the steepest among the 21 counties with 2,187 homes and condos on the market compare with almost twice as many last year, 4,308.
homes and condos, September 2011/2012
• Median sale prices rose 4.56 percent from $191,750 to $200,500
• Closed sales fell 4.09 percent from 806 units to 773 units
• Inventory, the number of units for sale, fell 27.79 percent from 5,167 units to 3,731 units
• New listings fell from 1,268 units to 1,128 units
• Median prices fell 4.07 percent from $219,950 to $211,000
• Closed sales rose 17.48 percent from 246 units to 289 units
• Inventory, the number of units for sale, fell 26.43 percent from 1,744 units to 1,283 units
• New listings fell from 398 units to 323 unitsJohn Gillie: 253-597-8663 firstname.lastname@example.org Source: Northwest Multiple Listing Service