The Northwest MLS has released their Western Washington real estate statistics for December 2015.
This month’s statistics tell much of the same story we’ve been reporting for months. Properties continue to fly off the market and prices continue to rise due to the lack of inventory and high demand. Other factors that are adding to this frenzy include escalating rents, our growing job market, foreign buyers, investors who choose to invest in real estate as opposed to the stock market, and rising interest rates. There is also an influx of buyers reentering the market after finally seeing their credit restored following foreclosures or short sales several years ago.
King County reported 2,612 closed sales this month versus 2,280 in November. Closed sales are up 4.48% from this time last year and down 12.53% from two months ago. The median price of single family homes in King County rose 1.61% since November while condo prices dropped 6.61% since last month. Pending sales dropped 9.2% from the same time last year and fell 29.63% since last month. Inventory of homes for sale is down a whopping 39% compared to last year at the same time.
King County Data for December 2015:
- King County median prices have increased 12.5% from twelve months ago with only less than a month’s supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 2,612 closings in King County for single family homes and condos, up 4.48% from a year ago.
- Pending sales for King County are down 9.2% from the same time last year.
- There were 2,196 total active listings in King County for December 2015, compared to 3,600 last December and 2,917 last month.
- There were only 1,314 new listings in King County compared to 1,796 new listings in November.
- The single family median price was $508,000 compared to $440,000 last December– a 15.45% gain.