Prices cooled and inventory soared in the last month of 2018 spelling good news for buyers throughout the region. Median home prices held steady, but moderate while the number of homes for sale more than doubled and condo inventory more than quadrupled. Again, spelling good news for buyers who may have been pushed to the sidelines due to the frenzy in the last few years.
While we’re still far short of the four to six months that are considered a balanced market, December moved us closer in that direction.
The holidays and the cold winter months typically equal slower sales and lower home prices, so a the trend won’t be clear until the peak real estate season this spring.
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 the latest data.
In December 2017 there were only 299 homes on the market in Seattle. This December that number skyrocketed to 1,111. Despite this change, Seattle continues to have the tightest inventory in King County with less than two months of supply. Demand is expected to stay high in 2019. With an abundance of high-paying jobs and not enough people to fill them, Seattle’s population is expected to grow at twice the national rate this year. Prices continue to moderate from the unsustainable increases of last year.
The median price of a single-family home inched up 2 percent from the year prior to $739,000.
In December, the number of single-family homes and condos on the market on the Eastside tripled compared to a year ago. The increase in choices for buyers, resulted in longer market times for most homes. However, homes that were price well still sold relatively quickly (within weeks rather than days). Prices continued to moderate in line with the trend seen in all of King County.
The median price of a single-family home was down 3% from a year ago to $909,000, but up from November’s median price of $885,000.
The median price for a single-family home in King County was up 0.6% over the same time last year to $639,000 giving the county as a whole a welcome break from the double-digit increases of 2018. Inventory soared 143% over the year prior.
Again, as mentioned above, the trend toward a more balanced market is good news for buyers.
The median price of a single-family home was up 4% from last year to $470,000 in December – the same price the area posted the previous month.
Inventory has more than doubled in the past year as more sellers list their homes and and the pace of sales moderates. However, with only 2.6 months of supply, Snohomish County is still a ways away from being a balanced market.
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.