King County reported 2,911 closed sales – down from last month’s 3,272 closings and down 12% from two months ago. The median price of single family homes in King County stayed the same since last month while the median price of condos rose 2.7%. The number of pending sales increased 3.93% from the same time last year but fell a staggering 20.14% since last month. Inventory of homes dropped 3.91% compared to last year at the same time.
King County Data for November 2016:
- King County median prices have increased 15.16% from twelve months ago with .96 months supply of inventory (a balanced market is between 4-6 months of inventory). This may be a new record low!
- There were 2,911 closings in King County for single family homes and condos, up 27.68% compared to the same time last year.
- Pending sales for King County are up 3.93% from the same time last year.
- There were 2,803 total active listings in King County for November 2016, compared to 2,917 last November and 3,667 last month.
- There were only 1,960 new listings in King County compared to 2,746 new listings in October.
- The single family median price was $550,000 compared to $499,950 last November – a 10% gain.
As expected, we are seeing a dramatic drop in new listings coming on the market during these winter months. The number of pending sales surpassed the number of active listings – creating a huge drop in inventory. This shows that eager buyers are still out there, waiting patiently for new listings to hit the market. The rising interest rates are putting even more pressure on buyers wanting to lock in rates now. We predict 2017 to have a lot of activity, with prices continuing to rise and buyers vying to own a slice of Seattle real estate.