The Northwest MLS has released their Western Washington real estate statistics for April 2016.
King County reported 2,886 closed sales this month versus 2,570 in March. Closed sales are up 12.3% since last month and up 58.22% from two months ago. The median price of single family homes in King County rose 1.64% since March while condo prices rose a staggering 4.36% since last month. Pending sales dropped 11.98% from the same time last year but rose 4.22% since last month. Inventory of homes for sale is down 16.36% compared to last year at the same time.
King County Data for April 2016:
- King County median prices have increased 10.21% from twelve months ago with 1.2 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 2,886 closings in King County for single family homes and condos, down 3.25% from a year ago.
- Pending sales for King County are down 11.98% from the same time last year.
- There were 3,232 total active listings in King County for April 2016, compared to 3,864 last April and 2,700 last month.
- There were 4,236 new listings in King County compared to 3,839 new listings in March.
- The single family median price was $540,000 compared to $480,000 last April– a 12.50% gain.
Here at findwell we are finally seeing a slight uptick in inventory, but supply of listings still remains near historic lows. Multiple offers and bidding wars appears to be the new normal, and we don’t see that changing in the near future. Sellers definitely have the upper hand in this market – with buyers waiving just about every contingency and often escalating their offers well above recent sales in the area.