King County reported 3,309 closed sales – down slightly from last month’s 3,656 closings and down 9.5% from two months ago. The median price of single family homes in King County fell 1.1% since last month while the median price of condos rose 5.9%. The number of pending sales increased 4.86% from the same time last year but fell 7.5% since last month. Inventory of homes actually rose 6.15% compared to last year at the same time.
King County Data for September 2016:
- King County median prices have increased 12.49% from twelve months ago with 1.37 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,309 closings in King County for single family homes and condos, up 7.47% from a year ago.
- Pending sales for King County are up 4.86% from the same time last year.
- There were 4,519 total active listings in King County for September 2016, compared to 4,257 last September and 4,211 last month.
- There were 4,019 new listings in King County compared to 3,953 new listings in August.
- The single family median price was $538,000 compared to $490,250 last September – a 9.74% gain.
King County activity in September showed a slight increase in inventory and a decline in pending sales – which may be a sign that we are starting to shift towards a more balanced market. But buyers are anxious to make a home purchase before the anticipated interest rate hike in December so we guess that new listings will continue to be a hot commodity – especially in the Seattle area.