The hot real estate market shows little sign of slowing down. Home prices continued to move upward. With the number of pending sales exceeding the number of new listings, the supply of homes is falling well short of demand. The inventory of homes in the Puget Sound area is 23 percent less than a year ago.
Home prices on the Eastside continue to be well above those in other parts of King County. The median price for homes sold in October was $667,000, an eight percent increase over the previous year. Inventory remains at historic lows, with only a six week supply available – far below the three to six months of supply that is considered to be balanced.
Inventory remained tight throughout King County with just five weeks of available supply. Limited inventory has fueled home prices, pushing the median price of a home up seven percent over last year to $480,000. Home prices vary significantly based on location. While the median home price was $555,000 in Seattle, the median price was $449,950 in North King County, and $297,824 in Southwest King County.
Home prices in Snohomish County continue to climb. The median price of a single family home jumped 11 percent to $356,000 in October. Buyers looking for a more reasonably priced option than King County are increasingly looking here, resulting in multiple offers for well-priced homes. Though inventory is not as tight as King County, with just a two month supply of homes available, it’s still a solid seller’s market.
Strong sales continue to whittle down a dwindling supply of homes. The lack of supply to meet demand kept driving home prices upward in September. While the Puget Sound area saw steady appreciation over a year ago, there are signs that that the frenzied level of growth may be starting to moderate – good news for a market that was starting to look unsustainable. Click the images below for the full reports.
The Eastside continues to lead the region in home values. The median price for homes sold in September was $680,000, an increase of 12 percent over a year ago. Sales were up as well, with many homes selling within days of being listed. As a result, inventory is at historic lows, with only a six week supply available. That is far below the three to six months of supply that is considered to be balanced.
Home prices rose a moderate seven percent in King County as compared to last year. The median price for a single family home in September was $490,250. Areas farther from the urban core are relative bargains, with the median price in Southeast King County coming in at $344,975, and at $304,000 in Southwest King County. Inventory remained tight throughout the region, with just five weeks of available supply.
While the 1.7 months supply of inventory in Snohomish County is still far below what is considered a balanced market, it represents more home choices than what’s available in King County. Home prices are considerably more reasonable as well. While the median price of a home increased 8 percent over last September in Snohomish County, the $355,500 median price is nearly 30 percent less than the price of a home in King County.
The real estate market traditionally cools off in the summer, but August saw a continuation of the market’s hot streak. Home prices increased by double digits over a year ago, fueled by strong demand and the lowest inventory in more than a decade. Rising prices are kindling hopes that more sellers will be willing to put their home on the market.
Home values on the Eastside continue to be the highest in the region. The median price for homes sold in August was up 11 percent to $672,000. Very limited inventory translated into brisk sales as buyers snapped up homes at every price point. A $3.7 million home on Yarrow Point sold in just four days after being listed.
The median price for a single family home in King County was $499,950, a 14 percent increase over last August. Inventory has inched up, but the five weeks of existing supply is far below the three to six months of supply that is considered to be balanced. Condo sales were strong, with 22 percent more sales than a year ago.
Buyers frustrated with high home prices in King County have been drawn to Snohomish County in search of finding more home for their dollar. That demand has driven down inventory, which stands at just under two months of supply. Demand has also pushed prices higher. The median price of a single family home rose 11 percent over a year ago to $366,825.
We’re still having record heat in the Puget Sound region, and our home prices are rising with the thermometer. It’s still a roaring seller’s market out there, especially on the Eastside. We continue to have local markets in dire need of inventory, so this is an excellent time to list your home and take advantage of the current market.
• The months supply of inventory continues to decline from the prior year in Seattle and the Eastside, as well as King and Snohomish counties.
• Closed sales on the Eastside have started to decrease in number due to seasonal trends and lowered inventory.
• The majority of those Eastside closed sales in July sold over original list price.
The Eastside had the highest increase in home sales prices since last July, increasing 9 percent to $681,600. We continue to have the highest median home prices in the region. Inventory had the slightest increase since June's 1.1 months of inventory with July holding 1.2 months (a balanced market reflects 3 to 6 months of inventory). Total closed sales dropped to 932, 3 percent less than July 2014 and 5 percent than last month's 981 total closed sales on the Eastside.
Inventory actually increased for the third month in a row, but was still held at a stark 1.1 months supply. While median sales prices fell 3 percent from the previous month, July's sales prices were still 4 percent higher than the previous year at $485,000. With inventory so low and the county's higher prices, many potential buyers are being pushed farther out than they would have previously wanted to buy.
Snohomish County has increased its median sales price 8 percent since July 2014 to $362,987 last month. It holds a stronger, though less than normal, inventory of 1.5 months. The number of closed sales has increased sharply to 1,156 in July, a 19% increase since the previous year. While many potential buyers are being forced out of the Eastside and the Seattle area, Snohomish County proves to be a less expensive and more promising market.
Along with temperatures, the housing market sizzled in June. Continued low inventory coupled with ever-increasing demand pushed home prices in King County to an all-time high. The multiple offers and escalation clauses that have now become common make it a very hot market for sellers.
• Home prices in King County surpassed their 2007 peak.
• The number of closed sales in King County increased 17 percent over last June.
• Record low inventory continues to fuel competition among buyers.
While sales on the Eastside jumped 23 percent, inventory remains very tight. With very little new construction in the pipeline, low inventory is expected to continue until more sellers are willing to list their homes. An incentive is the continued price appreciation here. The median home price was up 6 percent to $670,000, the highest of any King County region.
There were almost 24 percent fewer homes for sale in June as compared to the same time last year. As a result, competition for homes is fierce, with first-time home buyers competing with foreign buyers and those moving here for new jobs. King County saw the median price of a home soar 10 percent over last June to $500,000 – an all-time high.
Continued strong demand has pushed home prices in King County over their 2007 peak. Faced with record low inventory and anxiety about rising interest rates, buyers are snapping up homes as soon as they come on the market. What is tough news for buyers is a boon for sellers. A recent analysis of home sales in King County showed that 41 percent sold for over list price. • Both closed sales and pending sales (agreements that have been signed but not yet closed) in King County were up by double digits over last March. • Home prices continued their steady rise. • April was the sixth consecutive month of record-low inventory.
EastsideBoth home sales and home prices on the Eastside rose in April. The number of closed sales were up by 15 percent over last year. The median price of a single family home was up 6 percent to $654,650. Stiff competition for homes was exacerbated by lack of inventory, with just one month supply available.
King CountyApril was the second month in a row that King County had less than one month of available inventory. (A supply of three to six months is considered balanced.) The number of closed sales climbed 17 percent over the same time last year. The median price of a single family home in King County rose 11 percent over last year to $480,000.
See the original article on the Windermere Eastside blog.