The Northwest MLS has released their Western Washington real estate statistics for August 2015.
This month’s stats show that we continue to outpace new listings with pending sales, and prices are steadily climbing. King County reported 3,333 closed sales this month versus 3,755 in July. Closed sales are up 10.84% from this time last year but down 9.75% from two months ago. The median price of single family homes rose another 3% since July while condo prices rose .58% since last month. Pending sales have increased 9.36% from the same time last year and have dropped 5.44% since last month. Inventory of homes for sale is down a whopping 29.93% compared to last year at the same time.
King County Data for August 2015:
- King County median prices have increased 13.24% from twelve months ago.
- There were 3,333 closings in King County for single family homes and condos, up 10.84% from a year ago.
- Pending sales for King County were up 9.36% from the same time last year.
- There were 4,352 total active listings in King County for August 2015, compared to 6,211 last August and 4,445 last month.
- There were 3,618 new listings in King County compared to 4,055 new listings in July.
- The single family median price was $499,950 compared to $485,000 last August– a 3% gain.
Here at findwell, we are noticing a bit of a slowdown in the market. Much of this could be attributed to the time of year as we generally see a slowdown in late summer. It could also be due to the volatility in the stock markets, here and overseas or the threatening interest rate hikes. We are still seeing low inventory, but with slightly less frenzy. For example, instead of seeing 8-10 offers on a property, there might only be 2 or 3. It is area specific, so there is still high competition for homes in the core areas of Seattle.