King County reported 3,655 closed sales are up from last month’s 3,383 closings and up 38.7% from two months ago. The median price of single family homes in King County increased 3.28% since last month while the median price of condos rose 2.94%. The number of pending sales decreased .44% from the same time last year and fell 1.36% since last month. Inventory of homes dropped 21.39% compared to last year at the same time.
King County Data for June 2017:
- King County median prices have increased 15.69% from twelve months ago with .84 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,655 closings in King County for single family homes and condos, down 3.82% from a year ago.
- Pending sales for King County are down .44% from the same time last year.
- There were 3,057 total active listings in King County for June 2017, compared to 3,889 last June and 2,570 last month.
- There were 4,769 new listings in King County compared to 4,769 new listings in May.
- The single family median price was $653,000 compared to $573,522 last June – a 13.86% gain
We have a tiny glimmer of hope for buyers! Inventory is rising, with King County adding 4,769 new listings to the market in June, 2017. Months of Inventory is still well under what is considered a balanced market, but for well-prepared buyers this may be the season for a successful purchase. On another note, recent U.S. Census Bureau data shows Seattle is gaining about 1,100 residents per week. Unless Seattle developers and builders are able to out-build the influx of newcomers and job growth, we are going to continue this pattern of low inventory, escalating prices, and fierce competition.