Kent home prices up 15.9 percent in January; sales drop 14.9 percent

Published 1:43 pm Thursday, February 26, 2015

Kent home prices were up 15.9 percent in January compared to the same month in 2014 but sales dropped 14.9 percent.

Much like the greater Seattle area, Kent is grappling with a shortage of available homes for sale, according to a report by Redfin, a Seattle-based real estate company. At the current sales pace, it would take 3.7 months for all of the homes on the market to sell. Six months of supply is considered a balanced market.

The data is from January only and reflects an unvarnished timely snapshot of the market.

The numbers in January compared to January 2014:

• Prices up 15.9 percent

• Median price $255,000, including $296,050 for single-family; $143,000 for condos

• 74 homes sold

• Homes spent a median 37 days on the market

• Sales down 14.9 percent

For more information, go to redfin.com.