The May housing market has been a hot one! With only 1 month supply of inventory in King County, every new listing seems to be getting multiple offers. Prices are rising and pending sales continue to outpace new listings.
King County reported 3,242 closed sales this month versus 2,886 in April. Closed sales are up 12.3% since last month and up 26.15% from two months ago. The median price of single family homes in King County rose 3.7% since April while condo prices fell 2.63% since last month. Pending sales rose 1.17% from the same time last year but rose 14.29% since last month. Inventory of homes for sale is down 20.21% compared to last year at the same time.
King County Data for May 2016:
- King County median prices have increased 11.75% from twelve months ago with 1.03 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,242 closings in King County for single family homes and condos, down 4.56% from a year ago.
- Pending sales for King County are up 1.17% from the same time last year.
- There were 3,332 total active listings in King County for May 2016, compared to 4,176 last May and 3,232 last month.
- There were 4,334 new listings in King County compared to 4,236 new listings in April.
- The single family median price was $560,000 compared to $480,942 last May– a 16.44% gain.
Right now the market is the most dramatic seller’s market that we’ve seen since the prices started to increase again in early 2012. What’s striking about the current buying/selling conditions is that it is now including a lot of the outlying areas. We’re hearing of consistent multiple offer situations as far out as 30 miles from Seattle. Up to now, those were far and few between, but now they are happening on a regular basis, with no slowdown projected in the near future.