Real estate brokers around Western Washington reported a strong finish to 2014. December’s sales outpaced the same month a year ago by double digits, according to new figures and commentary from the Northwest Multiple Listing Service.

Across most of Western Washington, Multiple Listing Service members reported modest year-over-year price gains (about 5.5 percent) for homes and condominiums that sold last month, compared to 12 months ago.

The number of new listings added to inventory was nearly identical to activity of a year ago, but with pending sales outpacing new listings. The selection, as measured by total active inventory, dwindled by about eight percent compared to a year ago.

That trend is clearly evident on Mercer Island. The inventory for available homes and condos on the Island remains thin. Thirteen units were added to the market for the month — the same number as a year ago.

However, the total amount of homes and condos offered for sale in December dropped by one-third from a year ago; from 55 in December 2013 to 37 last month. Just one condo was added to the market in December 2014.

The median price of the 20 Island homes sales that were finalized last month was up over 20 percent over a year ago; from $950,000 in December of 2013 to $1,151,000.

Just two of those sales were for condos.

Real estate professionals warn that scarcity and changing economic parameters will make buying homes more difficult in 2015.

“Prices, interest rates, and rents will continue to rise,” stated Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate in Seattle. “The cost of buying a home is not determined by price alone but by price and the mortgage rate,” he explained, adding, “The longer a buyer waits, the higher the mortgage payment as prices and interest rates continue to increase.”

Region-wide, other areas saw more activity. MLS members reported 5,794 pending sales (mutually accepted offers) for an increase of nearly 11 percent from a year ago. In the four-county Puget Sound region, brokers counted 4,410 pending sales, the highest December volume since 2005.

High-end homes are selling well, according to brokers and MLS data.

Northwest MLS figures show nearly 2,000 homes priced at $1 million and up sold in King County during 2014. That’s up more than 25 percent compared to 2013.