High demand in Puget Sound real estate market

Many regions have started seeing healthier real estate markets emerge as the country begins rebounding from the market crash. Among them is the greater Puget Sound, according to the Northwest Multiple Listing Service.

Many regions have started seeing healthier real estate markets emerge as the country begins rebounding from the market crash. Among them is the greater Puget Sound, according to the Northwest Multiple Listing Service.

The listing service reports that pending sales for the month of August showed an 8.7 percent increase from one year ago. Rising prices, swift sales and a slight inventory improvement indicate strong buyer demand in the region.

The listing service represents 21 counties, four of which are in the Puget Sound region – King, Kitsap, Pierce and Snohomish. In those four counties, there was a total of 6,916 pending sales reported in August, the highest since 2006.

The median cost of completed sales for single-family residences in the region has also increased from $250,000 in August 2013 to $283,000 this year. The median cost of homes in Pierce County in particular was reported as $225,000 in August.

Two other months have seen higher year-to-year jumps in 2013. A 14.9 percent increase was reported in March and there was a 13.4 percent increase in May.

Pierce County’s August calculations specifically showed an 18.5 percent increase in pending sales and an 8.6 percent increase in median home prices when compared to the same month last year.

At the time of press, the listing service reported home prices in the greater Puget Sound region have gone up 18.3 percent since the beginning of the year.

Chairman and CEO of John L. Scott Real Estate Lennox Scott said in a press release that the current numbers reflect a strong and steady recovery for the region’s real estate market.

“We have seen 22 straight months of strong-surge sales activity,” he said. “Job growth, pent up demand by local home buyers, residential investors, incoming transferees, a strong local economy and historically low interest rates have led the way during this recovery phase of the residential housing market.”