King County reported 3,272 closed sales – down slightly from last month’s 3,309 closings and down 10.51% from two months ago. The median price of single family homes in King County rose 1.02% since last month while the median price of condos fell 9.86%. The number of pending sales increased 3.98% from the same time last year but fell 5.33% since last month. Inventory of homes dropped 4.78% compared to last year at the same time.
King County Data for October 2016:
- King County median prices have increased 14.5% from twelve months ago with 1.12 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,272 closings in King County for single family homes and condos, up 9.58% from a year ago.
- Pending sales for King County are up 3.98% from the same time last year.
- There were 3,667 total active listings in King County for October 2016, compared to 3,851 last October and 4,519 last month.
- There only 2,756 new listings in King County compared to 4,019 new listings in September.
- The single family median price was $550,000 compared to $480,000 last October – a 14.58% gain.
This drop in inventory appears to be positively affecting sellers. Our agents reported strong showings, buyer interest, and multiple offers on their listings this month. Those listings saw competitive bids push sale prices over those of recent comps. There still is lots of buyer demand in our area, despite the seasonal drop in inventory.