King County reported 1,793 closed sales – down from last month’s 2,010 closings and down 33.6% from two months ago. The median price of single family homes in King County increased 6.67% since last month while the median price of condos rose 9.83%. The number of pending sales decreased 12.01% from the same time last year but rose 7.4% since last month. Inventory of homes dropped 28.79% compared to last year at the same time.
King County Data for February 2017:
- King County median prices have increased 14.1% from twelve months ago with .97 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 1,793 closings in King County for single family homes and condos, down 1.7% from a year ago.
- Pending sales for King County are down 12.01% from the same time last year.
- There were 1,731 total active listings in King County for February 2017, compared to 2,431 last February and 1,887 last month.
- There were 2,389 new listings in King County compared to 2,272 new listings in January.
- The single family median price was $560,000 compared to $514,975 last February– a 8.74% gain.
Crazy bidding wars with escalating purchase prices is the name of the game around here. King county has seen the lowest months of inventory rate ever recorded. Buyers are desperate, home owners aren’t listing because they have nowhere to go, and sellers continue to reap the benefits of this crazy unbalanced market. We are holding out hope for an increase in inventory during these upcoming Spring months!