The Northwest MLS has released their Western Washington real estate statistics for September 2015.
It was true, the double-digit increase in prices and closed sales was unsustainable. With extremely low inventory and frustrated buyers we are seeing the market slow down a bit. King County reported 3,079 closed sales this month versus 3,333 in August. Closed sales are up 14.46% from this time last year but down 18.1% from two months ago. The median price of single family homes and condos in King County both dropped 2% since August. Pending sales have increased 5.75% from the same time last year and have dropped 7.15% since last month. Inventory of homes for sale is down 30.29% compared to last year at the same time.
King County Data for September 2015:
- King County median prices have increased 4.76% from twelve months ago.
- There were 3,079 closings in King County for single family homes and condos, up 14.46% from a year ago.
- Pending sales for King County were up 5.75% from the same time last year.
- There were 4,257 total active listings in King County for September 2015, compared to 6107 last September and 4,352 last month.
- There were 3,411 new listings in King County compared to 3,618 new listings in August.
- The single family median price was $490,250 compared to $460,000 last August– a 6.58% gain.
Here at findwell, we are seeing a decrease in listings week by week. Buyers seem to be slowing down a bit too, with not as many offers on homes as we were seeing in the spring/summer months. Still, most homes that are priced well in the core neighborhoods are getting multiple offers. We have a lot of out of state buyers still coming to the area and if this trend continues it will further fuel our need for more inventory.