The Northwest MLS has released their Western Washington real estate statistics for September 2014.
Though home sale activity has slowed down since last month with fewer closed listings, sale prices have risen for both single family homes and condos. Single family homes have shown an increase of 5.25% while condos are up 5.18% since last month. The number of closed sales for King County were down 4% over 2013 and down 11.78% over July. Pending sales have also followed this downward trend over the last 2 months though are up from September 2013. Inventory of homes for sale is down 2.68% compared to last year at the same time.
King County Data for September 2014:
- King County median prices are up 9.11% from twelve months ago.
- There were 2690 closings in King County for single family homes and condos, down 4% from a year ago.
- Pending sales for King County are up 5.84% from the same time last year and down 9.1% compared to July 2014.
- There were 6107 active listings in King County for September 2014, down 2.68% from a year ago. At the current pace of sales, this represents only 2 months of inventory for sale.
- The single family median price was $460,000 compared to $420,000 last August – a 9.52% gain.
Overall, King county inventory remains at 2 year lows, continuing to put upward pressure on prices. Though activity has slowed down a bit in the outying areas of Seattle, findwell agents report continued competition within Seattle and the Eastside.
This last graph shows a cyclical pattern that happens over the course of a typical year. Number of sales start to rise in the spring, peak in the summer, and dip in the winter months. As a home buyer, the number of homes for sale will decline as we enter the fall months, but the low inventory will mean that it will remain a very competitive market in the near term.