King County reported 2,701 closed sales in December – down from last month’s 2,911 closings and down 17% from two months ago. The median price of single family homes in King County stayed the same since last month while the median price of condos rose 4.7%. The number of pending sales increased 8.17% from the same time last year but fell 26.8% since last month. Inventory of homes dropped 9.61% compared to last year at the same time.
King County Data for December 2016:
- King County median prices have increased 12.22% from twelve months ago with .73 months supply of inventory (a balanced market is between 4-6 months of inventory). This may be a record low.
- There were 2,701 closings in King County for single family homes and condos, up 3.41% from a year ago.
- Pending sales for King County are up 8.17% from the same time last year.
- There were 1,985 total active listings in King County for December 2016, compared to 2,196 last December and 2,803 last month.
- There were only 1,329 new listings in King County compared to 1,960 new listings in November.
- The single family median price was $550,000 compared to $508,000 last December – a 8.27% gain.
December’s stats are no surprise as they are very typical for this time of year and our market has been continuing on this same path for months now. We are at a 10 year low (at least) in terms of inventory – making buyers very frustrated and anxious. Sellers continue to reap the benefits of this unruly market with no end in sight!