Is there relief in sight for Seattle home buyers? July’s stats indicate a slight increase of inventory and a bustle of activity.
King County reported 3,653 closed sales this month versus 3,800 in June. Closed sales are down 3.87% since last month but up 12.68% from two months ago. The median price of single family homes in King County fell 3.23% since June while the median price of condo stayed the same. Pending sales fell .1% from the same time last year and fell 5.32% since last month. Inventory of homes for sale is down 2.9% compared to last year at the same time.
King County Data for July 2016:
- King County median prices have increased 15.03% from twelve months ago with 1.18 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 3,653 closings in King County for single family homes and condos, down 2.72% from a year ago.
- Pending sales for King County are down .1% from the same time last year.
- There were 4,316 total active listings in King County for July 2016, compared to 4,445 last July and 3,889 last month.
- There were 4,385 new listings in King County compared to 4,767 new listings in June.
- The single family median price was $555,000 compared to $485,000 last July– a 14.43% gain.
We may actually have a *hint* of good news for home buyers… inventory is slowly improving which may be leading us towards a more balanced market. There is still a long way to go but this ease of inventory strain may allow sidelined home buyers to start up their search again. Typically, we see a slow-down in August as people focus on vacations and back to school preparations. We expect a new wave of fresh new listings come September – and along with it, hopefully some excited buyers!