The Northwest MLS has released their Western Washington real estate statistics for January 2016.
King County reported 1,720 closed sales this month versus 2,612 in November. Closed sales are up 1.9% but down 24.57% from two months ago. The median price of single family homes in King County fell 3.36% since December while condo prices barely rose (.81%) since last month. Pending sales dropped 14.45% from the same time last year but rose 23.31% since last month. Inventory of homes for sale is down 31.36% compared to last year at the same time.
King County Data for January 2016:
- King County median prices have increased 10.64% from twelve months ago with 1.4 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 1,720 closings in King County for single family homes and condos, up 1.9% from a year ago.
- Pending sales for King County are down 14.45% from the same time last year.
- There were 2,427 total active listings in King County for January 2016, compared to 3,536 last January and 2,196 last month.
- There were 2,407 new listings in King County compared to 1,314 new listings in December.
- The single family median price was $490,970 compared to $441,500 last January– an 11.2% gain.
Open houses are starting to resemble Black Friday sales here in the Seattle area – resulting in some interesting bidding wars and escalated prices. With 1.4 months of inventory in King County, we anticipate much more of the same through the Spring. Buyers are also starting to push their search criteria further north and east in order to find affordable housing – causing lots of competition in areas that typically have less activity.