The Northwest MLS has released their Western Washington real estate statistics for November 2014.
Home sale activity dropped pretty significantly in November with 2323 closed sales versus 2870 last month though are up from this time last year. The median price of single family homes slightly decreased 1.6% and condo prices were slightly up 1.4% since last month. Closed sales for King County was up 3.52% from 2013 and down 13.6% over September. Pending sales have increased from the same time last year but were down 19.5% from last month. Inventory of homes for sale is down 5.05% compared to last year at the same time.
King County Data for November 2014:
- King County median prices were up 5.22% from twelve months ago.
- There were 2323 closings in King County for single family homes and condos, up 3.52% from a year ago.
- Pending sales for King County were up 3.13% from the same time last year.
- There were 4630 active listings in King County for November 2014, down 5.05% from a year ago and down 20.2% since last month.
- The single family median price was $440,000 compared to $414,000 last November – a 6.28% gain.
Overall, King County has shown a steady increase in the number of pending and closed sales, as well as an increase of prices year-over-year. With the continued drop in active listings, we can see why prices are holding steady and even rising. We continue to see a decrease in the number of active, pending, and sales from earlier this fall – which is very typical for this time of year. Here at findwell, agents are seeing a surge of buyers that are anxious to close on homes before the end of the year in order to take advantage of the tax benefits. If you’re serious about buying or selling, December can surprisingly be a great month to do so. As a seller, you’re dealing with highly motivated buyers, and buyers – a lot less competition!