The Northwest MLS has released their Western Washington real estate statistics for November 2015.
This month’s statistics show year-over-year gains in pending sales and median prices but a steep decline in inventory.
King County reported 2,280 closed sales this month versus 2,986 in October. Closed sales are down 1.85% from this time last year and down 35% from two months ago. The median price of single family homes in King County rose 4.15% since October while condo prices rose 2.58% since last month. Pending sales have rose 1.82% from the same time last year but have dropped 25.14% since last month. Inventory of homes for sale is down a whopping 37% compared to last year at the same time.
King County Data for November 2015:
- King County median prices have increased 8.27 % from twelve months ago.
- There were 2,280 closings in King County for single family homes and condos, down 1.85% from a year ago.
- Pending sales for King County were up 1.82% from the same time last year.
- There were 2,917 total active listings in King County for November 2015, compared to 4,630 last November and 3,851 last month.
- There were only 1,796 new listings in King County compared to 3,005 new listings in October.
- The single family median price was $499,950 compared to $440,000 last November– a 13.63% gain.
November has shown the typical decrease in listings but plenty of buyers waiting (not so patiently) for new listings to hit the market. Rumor has it, a townhome in Ballard recently fetched 44 (FORTY-FOUR!) offers. Which means that leaves 43 very disappointed though eager buyers still on the hunt. Now obviously, that is not typical, but gives you some indication of the activity happening in our market. We anticipate prices and competition to continue to escalate – gearing up for what’s sure to be a busy Spring.