King County reported 2,010 closed sales – down from last month’s 2,701 closings and down 31% from two months ago. The median price of single family homes in King County fell 4.6% since last month while the median price of condos fell 1.3%. The number of pending sales increased 4.32% from the same time last year and rose 18.9% since last month. Inventory of homes dropped 22.25% compared to last year at the same time.
King County Data for January 2017:
- King County median prices have increased 10.08% from twelve months ago with .94 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 2,010 closings in King County for single family homes and condos, up 16.86% from a year ago.
- Pending sales for King County are up 4.32% from the same time last year.
- There were 1,887 total active listings in King County for January 2017, compared to 2,427 last January and 1,985 last month.
- There were only 2,272 new listings in King County compared to 1,329 new listings in December.
- The single family median price was $525,000 compared to $490,970 last January – a 6.93% gain.
Although the numbers are down a bit, these January statistics reflect buyer activity in December – which is always a bit slower due to the holidays. The slight uptick in new listings is encouraging, though nowhere close to where it needs to be to balance out the market. Here at findwell we have been involved in bidding war after bidding war with prices escalating 100K (or more) over list price at times. The frenzy is on as buyers scramble to buy a home before interest rates climb again. Bottom line, it’s a great time to sell!