King County reported 2,635 closed sales – down slightly from last months 2,700 closings and up 46.9% from two months ago. The median price of single family homes in King County increased 4.17% since last month while the median price of condos rose 7.24%. The number of pending sales decreased 7.34% from the same time last year but rose 2.97% since last month. Inventory of homes dropped 29.36% compared to last year at the same time.
King County Data for April 2017:
- King County median prices have increased 15.79% from twelve months ago with .87 months supply of inventory (a balanced market is between 4-6 months of inventory).
- There were 2,635 closings in King County for single family homes and condos, down 8.7% from a year ago.
- Pending sales for King County are down 7.34% from the same time last year.
- There were 2,283 total active listings in King County for April 2017, compared to 3,232 last April and 2,102 last month.
- There were 3,676 new listings in King County compared to 3,719 new listings in March.
- The single family median price was $625,000 compared to $540,000 last April – a 15.74% gain.
The Seattle housing market continues its insane trajectory. Inventory is the name of the game and King County hasn’t seen more than one month of inventory since October 2016. Would-be sellers can’t find a new home so many are undertaking major remodels instead of moving. The interest rate increase at the end of last year has done nothing to slow our housing market down – something many predicted might happen. In a market of this magnitude many buyers are making risky moves such as releasing earnest money upon mutual acceptance and waiving all sorts of contingencies. We are warning both buyers and sellers the risks of making as well as accepting these types of offers. This market is definitely not for the faint of heart!