Local Home Sales Continue to Rise, Realtors Warn of 'Unrealistic Expectations'

The Seattle-area housing market is continuing to show signs of improvement, with North King County sales up 31 percent in May, according to a monthly report from the Northwest Multiple Listing Service (NWMLS).

Last month, NWMLS realtors completed sales on 97 North King County homes, compared with 74 in April and 96 in May 2012. King County as a whole saw a bump of 17 percent from April to May and 19 percent between May 2012 and May 2013.

Median prices are also climbing higher. Last month's median sale price in North King County was $317,000, compared to $310,000 in April and $284,975 a year ago.

NWMLS, which includes local real estate agents and brokers, said rising prices and higher interest rates may be frustrating some buyers and noted the market's rebound could give some sellers "unrealistic expectations."

“Overly aggressive sellers find themselves disappointed when no or low offers are presented,” Northwest MLS director Kathy Estey, the managing broker at John L. Scott in downtown Bellevue, said in a NWMLS news release.

Statistics released this week by Seattle-based Redfin may indicate potential buyers are already losing interest. The online brokerage company reports the number of people touring Seattle-area homes fell by 3 percent from May to April—up from a 2.2-percent decline during the same time frame last year.

Home offers, meanwhile, were down 2.1 percent between April and May, compared to a 1.1 percent dip in 2012, according to Redfin. 

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How would you evaluate the local real estate market? Are any of the new statistics cause for concern? Tell us in the comments section.