The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand.
Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.
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.
There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.
The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.
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.
After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.
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.