Inventory continues to wane in King County, and as The Seattle Times reports, the area "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." As Sanjay Bhatt's article, entitled "King County home prices climb amid worst shortage of inventory in a decade," describes, "the median price of single-family homes sold last month [December 2015] 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."
Part of the problem is that "housing production can't keep up with the massive influx of residents from out of state, said Todd Britsch, a Northwest regional director for Metrostudy, a research firm that tracks home construction. About 6,000 new people moved to King County, on average, each month so far this year, state data on driver's licenses show."
The article further describes that in Seattle, active listings were down 42% and "the median price for homes sold jumped 20 percent to $598,000, the highest so far in 2015."