Historically, mid-winter has been a sluggish time for home-price growth for the national housing market, and while the median price for a single-family home did decline from December to January this year, it fell by a mere 1.2 percent, signaling a stronger than normal start to the new year for the housing market. As a comparison, in recent years month-to-month price declines from December to January have been recorded at 2.8 percent (2014) and 3.5 percent (2013). Redfin reports that the combination of an increase in listings and buyer demand has led to lots of activity, and prices are up 7.6 percent over the year.
Closer to home, supply is still low in the Seattle area, and prices continue to rise. The median price for a single-family home in King County this January was recorded at $441,500, up from $410,000 in January 2014. The city of Seattle saw the median price rise to $517,500, up 12.5 percent over the year. The Seattle Times reports that inventory in Northwest Seattle is down to a three-week supply, driving prices in that area up 19 percent over the year. In the Seattle market as a whole, inventory has been hovering around the two-month mark for several months. Generally, a four-to-six-month supply constitutes a healthy housing market.
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.