King County reported 3,383 closed sales – up from last month’s 2,635 closings and up 25.3% from two months ago. The median price of single family homes in King County increased 1.16% since last month while the median price of condos rose 1.1%. The number of pending sales decreased 2.63% from the same time last year but rose 20.1% since last month. Inventory of homes dropped 22.87% compared to last year at the same time.
King County Data for May 2017:
- King County median prices have increased 15.46% from twelve months ago with .76 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,383 closings in King County for single family homes and condos, up 4.35% from a year ago.
- Pending sales for King County are down 2.63% from the same time last year.
- There were 2,570 total active listings in King County for May 2017, compared to 3,332 last May and 2,283 last month.
- There were 4,484 new listings in King County compared to 3,676 new listings in April.
- The single family median price was $632,250 compared to $560,000 last May – a 12.9% gain.
Once again, we are at an all-time low of housing inventory at only .76 months supply here in King County. Though new listings in May shot up to 4,484, so did the pending sales. Basically, new listings are being sold so quickly that we can’t catch up. Typically we see the real estate market slow down a bit in the summer months due to vacations and the fact that most Seattleites are distracted by the sun! We will see what happens this summer – will buyers get some competitive relief or will the market continue to surprise us?