The Northwest MLS has released their Western Washington real estate statistics for October 2015.
Inventory continues to decrease here in King County –with only a 1.29 month supply of inventory. Experts say a balanced real estate market has 4-6 months of inventory. Buyers continue to compete on new listings that are presented well and are priced right.
King County reported 2,986 closed sales this month versus 3,079 in September. Closed sales are up 4.04% from this time last year but down 10.41% from two months ago. The median price of single family homes in King County dropped 2.1% since September while condo prices fell 4.58% since last month. Pending sales have increased 2.66% from the same time last year and have dropped 4.53% since last month. Inventory of homes for sale is down 31.4% compared to last year at the same time.
King County Data for October 2015:
- King County median prices have increased 8.2 % from twelve months ago.
- There were 2,986 closings in King County for single family homes and condos, up 4.04% from a year ago.
- Pending sales for King County were up 2.66% from the same time last year.
- There were 3,851 total active listings in King County for October 2015, compared to 5,614 last October and 4,257 last month.
- There were 3,005 new listings in King County compared to 3,411 new listings in September.
- The single family median price was $480,000 compared to $447,250 last October– a 7.32% gain.
As the market enters what is traditionally the slow holiday/winter season, we are seeing the typical decrease in the number of listings. However, buyers are still active and we continue to see lots of competition for homes, especially the close-in Seattle neighborhoods.