King County is experiencing the worst shortage of homes for sale in more than a decade, driving prices higher and keeping more would-be buyers in apartments. The median price of single-family homes sold last month in King County was $499,950, a 13.6 percent increase over the past 12 months, the Northwest Multiple Listing Service reported Friday. The median condominium price jumped 19.4 percent over the year to $298,500.
There were 2,917 active listings of houses and condos in all of King County, or a months supply, compared to the historical average of about 9,000 listings for this time of year. Brokerages are alarmed.
Looking at the data as far back as 1999, weve never seen a lack of homes for sale to this degree, said OB Jacobi, president of Windermere Real Estate, the regions largest residential brokerage.
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