The Northwest MLS has released their Western Washington real estate statistics for February 2016.
King County reported 1,824 closed sales this month versus 1,720 in January. Closed sales are up 1.9% but down 30.17% from two months ago. The median price of single family homes in King County rose 4.89% since January while condo prices rose a staggering 14.78% since last month. Pending sales dropped 5.56% from the same time last year but rose 27.38% since last month. Inventory of homes for sale is down 31.62% compared to last year at the same time.
King County Data for February 2016:
- King County median prices have increased 17.32% from twelve months ago with 1.33 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 1,824 closings in King County for single family homes and condos, up 1.9% from a year ago.
- Pending sales for King County are down 5.56% from the same time last year.
- There were 2,431 total active listings in King County for February 2016, compared to 3,555 last February and 2,427 last month.
- There were 2,791 new listings in King County compared to 2,407 new listings in January.
- The single family median price was $514,975 compared to $429,900 last February– a 19.79% gain.
The median home price in King County has hit an all-time high. Seattle is experiencing a real estate storm. Low interest rates, mixed with the booming tech industry makes for many qualified buyers. The lack of homes on the market is creating a highly competitive real estate market – driving prices sky-high. Buyers who work in Seattle are expanding their searches far and wide from the Seattle core – looking North, South, East, and many West – with people willing to commit to a daily ferry commute.
Bottom line, if you have a house to sell, now is a great time as there are many eager buyers waiting in the wings. And buyers, buckle up! It’s going to be a wild Spring.