King County Home Prices Bounce Back in August

1After the median selling price for a single-family home in King County dropped to $485,000 in July, prices bounced back to just a hair under $500,000 in August, representing a 14.4 percent annual gain, and the biggest yearly gain of any month in 2015. Inventory in King County was also up slightly from July, and now stands at 1.36 months’ worth of supply, the most inventory we’ve seen since February, according to statistics from the Northwest Multiple Listing Service. In contrast, median prices within the sub-market of Seattle stayed essentially flat last month, having dropped by just $500 from $575,500 in July to $575,000 in August. However, that is a 15 percent increase over August 2014.

Inventory in Seattle followed King County’s lead and increased by a small increment to .91 month’s supply, up from .74 months’ worth in July. Lack of inventory continues to put pressure on the market in the Puget Sound region, with total listings down 29.7 percent in King County and down 32.7 percent in Seattle since this time last year. “The biggest challenges our buyers face are lack of inventory and the quality of homes to choose from,” MLS director George Moorhead said in a statement. Some believe this continued double-digit price growth combined with lack of available properties is not sustainable and that we may see a slowdown in the market as we enter the fall season, when inventory historically drops by about half.

The area condo market has made great strides over the year, especially in Seattle, where the median price rose from $299,000 in August 2014 to $395,000 this year – a staggering 32 percent. Prices increased more modestly countywide, but still showed strong growth with a 19 percent rise.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Seattle Among Country’s Best Sellers’ Markets

for-sale-signWe’ve seen the Seattle residential real estate market explode over the past several months, with bidding wars galore and homes selling for thousands over their asking prices. While price gains began to slow toward the end of summer, Zillow is reporting that the Seattle-area market remains one of the best sellers’ markets in the country, in large part due to low housing inventory.

Inventory of single-family homes in King County is up slightly from a year ago, rising from 1.91 months of inventory in July 2013 to 2.08 months’ worth in August 2014. Inventory in Seattle alone was actually down from a year ago, dropping from 1.47 months to 1.36 months, which is far below the six months’ worth of supply that generally constitutes a healthy market.

Zillow says that rising prices are not the only indicator of a market favoring sellers. They also factor in how long homes stay on the market, how many price cuts occur, and how close the final selling price is to the last asking price. The top five sellers’ markets in the Seattle area are Mountlake Terrace, Shoreline, Seattle proper, Issaquah, and Snoqualmie.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Low Inventory In King Co. Continues To Push Home Prices Up

housing marketA short supply of housing inventory in King County is continuing to push the median home price upward, and it now stands at $453,500, six percent higher than the median price for June 2013. In Seattle alone, the median price has risen 8.9 percent from June 2013 to $499,000. Though the number of home sales has risen 2 percent from a year ago, there is still less than two months’ supply of homes on the market, far lower than the six months’ supply that constitutes a healthy market. This shortage is sparking bidding wars, especially in highly desirable neighborhoods in Seattle such as Ballard, Queen Anne, and Capitol Hill.

According to an article in The Seattle Times, the homes that are available are selling like hotcakes, often within the first 30 days of being on the market. An impressive 68 percent of homes on the market in Seattle sold in the first 30 days, and 57 percent of homes on the Eastside sold within the first month. Northwest Multiple Listing Service Director John Deely told the Puget Sound Business Journal that even homes in the $1 million+ price range are selling at a higher volume than they have since 2007. So, if you’re looking to sell, it looks like this could be the ideal time. If you’re interested in buying or selling a home in the Seattle area, contact your local real estate agent today.