Low inventory, competitive market activity, and low interest rates continue to be the story here in King County. The demand for entry-level housing is especially high right now. According to the latest NWMLS press release, a condo in South Lake Union had more than 100 visitors in a single day – frustrating for buyers though you know that is one happy seller! A somewhat new conundrum we are facing in this market is an uptick in low appraisals – causing delayed closings and at times, failed sales.
King County reported 3,656 closed sales – almost exactly the same as last month’s 3653 closings but down 3.79% from two months ago. The median price of single family homes in King County fell .9% since July while the median price of condos fell 4.29%. Pending sales increased 5.26% from the same time last year and stayed nearly the same as last month. Inventory of homes for sale is down 3.24% compared to last year at the same time.
King County Data for August 2016:
- King County median prices have increased 10.93% from twelve months ago with 1.15 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,656 closings in King County for single family homes and condos, up 9.69% from a year ago.
- Pending sales for King County are up 5.26% from the same time last year.
- There were 4,211 total active listings in King County for August 2016, compared to 4,352 last July and 4,316 last month.
- There were 3,953 new listings in King County compared to 4,385 new listings in July.
- The single family median price was $550,000 compared to $499,950 last August – a 10.01% gain.
After a bit of a slowdown in mid-to-late August (as can be expected), things have started to pick back up heading into the early Fall. Summer vacations are over, kids are back in school, and buyers have returned to full search mode thus continuing the competitive environment for available, quality homes.