January brought more good news for homebuyers. Prices were down, inventory was up & interest rates hovered near a 9 month low.

January brought more good news for homebuyers. Prices were down, inventory was up & interest rates hovered near a 9 month low.

Those factors brought more buyers into the market and equalled an increase in sales for the month. As I mentioned in the January update, it will take some time for the trend to become clear, but as we head into Spring—traditionally the prime home buying market—the trends will start to become more clear.

Below are market updates for Seattle, Eastside, King County & Snohomish County (Edmonds, Mukilteo, Everett). If you’re interested in more detailed reporting, complete this form and I’ll send you a full report with the latest data.

Seattle

January marked the first time home prices in King County decreased year-over-year in 7 years. The median price of a single-family home was $610,0000, a drop of 3% over the prior year. Inventory more than doubled. Unlike recent months, this was due primarily to more people putting their homes on the market, as opposed to homes taking longer to sell.

Despite the surge in listings there is just two months of available inventory, far short of what is needed to meet demand.

---

Eastside

The most expensive region in King County, Seattle’s Eastside, saw prices soften in January. The median price of a single-family home dropped 3% over last January’s prices to $910,000.

Last January, 39% of homes in this area sold for over asking price. This January, that figure dropped to 12%.

With its favorable business climate and high rankings for both economic growth and technology capabilities, demand on the Eastside is projected to remain strong. However, it’s an excellent time for buyers to leverage the cooling market and negotiate terms that work best for their needs.

---

King County

The median price of  a single-family home in the city was $711,500 in January, a decrease of 6% year-over-year. Despite a 107% increase in homes for sale compared to a year ago, Seattle continues to have the tightest inventory in King County with less than 2 months of supply.

A booming economy that shows no signs of slowing continues to draw more people to the city. The area will have to significantly add more inventory to meet that growing demand.

---

Snohomish County

The median price of a single-family home in January increased but just slightly at 1 percent from last year to $455,000. This is down from the median of $470,000 in December, which was up 4% from last year. 

Snohomish County also saw a surge in inventory with the number of homes on the market double of what it was last year at this time.

Is now the right time to sell your home? Have a complimentary CMA prepared to see how much it’s worth in the current market.

 

 

 

 

 

 

 

Photo by John Westrock on Unsplash