The Northwest MLS has released their Western Washington real estate statistics for July 2015.
The news is much the same as our past reports regarding the housing market in the Seattle area. High demand, low inventory and low interest rates continue to fuel this seller’s market. King County reported 3755 closed sales this month versus 3693 in June. Closed sales are up 14.66% from this time last year and up 10.53% from two months ago. The median price of single family homes dropped 3% since June while condo prices rose 3.65% since last month. Pending sales have increased 10.33% from the same time last year and have dropped 5.9% since last month. Inventory of homes for sale is down a whopping 26.92% compared to last year at the same time.
King County Data for July 2015:
- King County median prices have increased 3.29% from twelve months ago.
- There were 3755 closings in King County for single family homes and condos, up 14.66% from a year ago.
- Pending sales for King County were up 10.33% from the same time last year.
- There were 4445 total active listings in King County for July 2015, down 26.92% from a year ago but up 3.7% from last month.
- There were 4055 new listings in King County compared to 4243 new listings in June.
- The single family median price was $485,000 compared to $468,000 last July– a 3.63% gain.
Here at findwell we are noticing continued trends of low inventory and high buyer demand leading to quick sales and intense competition. New construction has been a growing force but price points are typically too high for first time home buyers who struggle to compete in this market.