The Northwest MLS has released their Western Washington real estate statistics for January 2015.
Home sale activity dropped significantly in January with 1688 closed sales versus 2500 last month but are up slightly (.84%) from this time last year. The median price of single family homes stayed nearly the same though condo prices dropped 8.3% since last month. Closed sales for King County was up nearly 1% from 2014 but down 27.4% over November. Pending sales have increased 6.05% from the same time last year and up a whopping 30.9% from last month. Inventory of homes for sale is down 13.97% compared to last year at the same time.
King County Data for January 2015:
- King County median prices have increased 6.89% from twelve months ago.
- There were 1688 closings in King County for single family homes and condos, up .84% from a year ago.
- Pending sales for King County were up 6.05% from the same time last year.
- There were 3536 active listings in King County for January 2015, down 13.97% from a year ago and down 1.8% since last month.
- There were 2518 new listings in King County compared to only 1421 new listings in December.
- The single family median price was $441,500 compared to $410,000 last January – a 7.68% gain.
Here at findwell, agents are saying that 2015 is shaping up to be just as competitive if not more so than the previous 2 years for buyers. There is a severe lack of inventory in the core of Seattle and eastside neighborhoods and the few homes that do come available are hotly contested with waived contingencies and bidding high over the list price. There are however many new construction communities slated for 2015 that may help ease some of the demand.
There are several reasons why we have such low inventory. For one, sellers have nowhere to go. They can’t find their next home to move up/down to. Or they are part of the population that bought in 2005-2007 which means they still have little to no equity in their home. It is also interesting to note that there is an influx of buyers who perhaps went through a foreclosure or short sale during the recession. Because of their credit rating they are just now being eligible to purchase a home again. Combine this with low interest rates, low inventory, and lots of demand – we have the making of a very competitive market.