The Northwest MLS has released their Western Washington real estate statistics for May 2015.
This firestorm real estate market continues due to increased demand and severe inventory shortages. King County reported 3397 closed sales this month versus 2983 in April. Closed sales are up 14.49% from this time last year and up 27.2% from two months ago. The median price of single family homes held steady since April while condo prices rose 6.25% since last month. Pending sales have increased 6.74% from the same time last year and are nearly the same as last month. Inventory of homes for sale is down 20.85% compared to last year at the same time.
King County Data for May 2015:
King County median prices have increased 9.05% from twelve months ago.
There were 3397 closings in King County for single family homes and condos, up 14.49% from a year ago.
Pending sales for King County were up 6.74% from the same time last year.
There were 4176 total active listings in King County for May 2015, down 20.85% from a year ago but up 8% from last month.
There were 4380 new listings in King County compared to 4329 new listings in April.
The single family median price was $480,942 compared to $442,250 last May – an 8.75% gain.
Seattle and the surrounding area is growing by leaps and bounds. Demand for real estate, both from investors and owner-occupants, continues to outstrip inventory causing prices to skyrocket. MLS figures show King County supply for May has dwindled to about 1.2 months – much lower than the 4-6 month figure used as an industry standard for a balanced real estate market. With interest rates as low as they are we can see why buyers are getting antsy and sellers are stalling!