The Northwest MLS has released their Western Washington real estate statistics for June 2015.
Seattle is Hot! Hot! Hot! And we’re not just talking about the weather! Homes in Seattle continue to appreciate as buyers compete to own a slice of Seattle real estate. We continue to have an imbalanced market with low inventory – as pending sales continue to outpace the number of new listings each month. King County reported 3693 closed sales this month versus 3397 in May. Closed sales are up 18.78% from this time last year and up 23.8% from two months ago. The median price of single family homes rose 3.96% since May while condo prices dipped slightly since last month. Pending sales have increased 10.27% from the same time last year and have dropped 1.7% since last month. Inventory of homes for sale is down 23.6% compared to last year at the same time.
King County Data for June 2015:
- King County median prices have increased 9.76% from twelve months ago.
- There were 3693 closings in King County for single family homes and condos, up 18.78% from a year ago.
- Pending sales for King County were up 10.27% from the same time last year.
- There were 4285 total active listings in King County for June 2015, down 23.6% from a year ago but up 2.6% from last month.
- There were 4243 new listings in King County compared to 4380 new listings in May.
- The single family median price was $500,000 compared to $453,500 last June– a 10.25% gain.
New inventory remains sluggish, especially in Seattle proper. However, though buyer competition is still relatively high, the bidding wars that reached a fever pitch earlier in the year seem to be somewhat subsiding. Rising rents and low interest rates combined with all that Seattle has to offer in terms of jobs, climate, and vast array of recreational activities continue to fuel this frenzied real estate market.