Supply and demand continue to be the story here in King County. With only 1 month of inventory in the Seattle housing market, buyers continue to compete to purchase a portion of this hot commodity – real estate!
King County reported 3,800 closed sales this month versus 3,242 in May. Closed sales are up 17.1% since last month and up 31.67% from two months ago. The median price of single family homes in King County rose 2.4% since May while condo prices rose 11.11% since last month. Pending sales fell .71% from the same time last year but fell 3.5% since last month. Inventory of homes for sale is down 9.24% compared to last year at the same time.
King County Data for June 2016:
•King County median prices have increased 13.33% from twelve months ago with 1.02 months supply of inventory (a balanced market is between 4-6 months of inventory).
•There were 3,800 closings in King County for single family homes and condos, up 2.9% from a year ago.
•Pending sales for King County are down .71% from the same time last year.
•There were 3,889 total active listings in King County for June 2016, compared to 4,285 last June and 3,332 last month.
•There were 4,767 new listings in King County compared to 4,334 new listings in May.
•The single family median price was $573,522 compared to $500,000 last June– a 14.7% gain.
It is still a Seller’s market in the Seattle area. Decent homes sell quickly with multiple offers, waived contingencies, and at prices often well above the list price. Historically low interest rates mixed with Seattle’s job growth are two contributing factor to the fury of activity in the housing market. June showed an uptick of new listings which offered some relief for buyers but we are a long way from catching up to the demand.