King COUNTY HOUSING MARKET REPORT
Market Insights, Statistics, Graphs, And Infographs
THE KING COUNTY HOUSING MARKET REMAINED IN A FRENZY PACE DURING THE INVENTORY STARVED JANUARY
A few things really stuck out to me as I was compiling October stats:
- The number of homes for sale in January was the lowest number over the last 5 years by 669 units.
- While the number of homes that sold was 15% less than last year the number of homes for sale was 20% less than last year.
- Even though more homes sold in the first 30 days homes sat on the market an average 7 day longer.
- While the average sales price declined slightly the percentage of sales price paid to sales price listed increased slightly.
- Interest Rates stayed above 4%
What that story tells me is that most of the listings that came on market were bank owned, fixer uppers, and estate sales. That when a good quality 250k -1m listing came on the market there were plenty of buyers ready to make an offer.
The number of new listings that come on in December was 1,234 in January 2,550. Signaling that more listings are just around the corner, and that we should see higher sales volume again in February.
The Washington State Economic and Revenue Forecast Council showed strong local job growth in 2016 and projects another increase of 2.9 percent in 2017.
According to the Seattle Times and US Census Bureau Seattle is the fastest growing city in the country.
With amazingly low interest rates, increased job growth, more people moving to Seattle than anywhere else in the country, and an increase in listings in the coming months the Snohomish County real estate market should stay in a surging or frenzy mode for many months to come.
If you want to stop and list your home right now we would not blame you. Just click the button below or reply to this email and we will come out and give you a market price valuation.
If you are a buyer it is more important than ever to pair up with a real estate agent, or team, that has a proven strategy to get your offer accepted.
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2018 HOUSING MARKET OFF TO A FRENZY START
IN THE MOST AFFORDABLE AND MID PRICE RANGES, WE ARE CURRENTLY EXPERIENCING A MULTIPLE-OFFER-EVERYTHING, VIRTUALLY SOLD OUT MARKET
Sellers are receiving premium pricing and home buyers are pouncing on each new listing. The month of March can’t come soon enough for home buyers. In March, the number of new listings will bump up substantially from the low number of new listings typical for winter months. Better selection and availability will start in March as we enter the Spring housing season.J Lennox Scott
KING County Real Estate Data
With only .9 months of supply if no other homes were listed in the next .9 months we would run out of houses to buy.
Last month there was .8 months supply. It looks like we may not see a full months supply for a while.
As you can see from the table above anything below 6 months is considered low. Low inventory means higher demand. Higher demand drives the price up.
DAYS ON MARKET
The average number of days that a home is taking to sell in King County was 35. Just 365 days ago the average days on market for King County was 42. Homes are selling 7 days faster today than last year.
In addition, 75% of homes are selling in less than 30 days. That number is usually closer to 30%.
Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. Often times over the first weekend they are listed in the lower price ranges.
We have already seen where a low inventory should drive up prices. The average sale price for King County homes is $693,869. In comparison 5 years ago the average sales price was $387,402. That is a 56% increase over 5 years ago.
In addition the average home is selling for 1.5% higher than it is listed as. That means that people are offering more than the listing price to “win” the listing.
In order for it to be a sellers market there must be buyers. With the interest rates at an amazingly low rate of 4.375% another slight increase from last month. (source: Freddie Mac)
There are plenty of buyers that are in the market.
1,753 homes were sold in King County last month. That is up 69 homes from 5 years ago, up 316 from last year.
As you can see in King County homes in the 500-750K price range are the most commonly listed and sold and they sell at a frenzy rate.
Homes over 750k are less common and sit on the market much longer. There are currently more listings over 1m than any other range.
According to Zillows massive data set early May is the best time to list a home to maximize value. January is the start of the seller’s market.
Now is a great time to list a home that needs a little work. There is much less competition and the market is still buzzing along.
These next month is still a good time for buyers, as indicated by the increase of days on market and the lower percentage price paid.
But that trend will start turning as spring nears.
JOB AND POPULATION GROWTH
According to the Washington State Economic and Revenue Forecast Council Washington State should see in increase of job growth of 2.9% in 2017. With a healthy projection for 2018.
(Courtesy of Seattle Times)
According to the US Census Bureau Seattle was again the fastest growing city in the country.
According to Zillows massive data set early May is the best time to list a home to maximize value. November is the best time for buyers to maximize value.
Now is still a great time to sell as you will have less competition against your home, there are still a backlog of buyers, and the prices and selling times are still high.
These next 2 months are the best time for buyers.
The King County Real Estate Market Analysis INFOGRAPHIC
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PAST MONTHS REPORTS
We put this list together every month. If you are interested in seeing past months you can access the archive below:
King County Market Stats
- $693,869 was the average sold price for listings in the King County in January of 2018
- 2,550 new listings were added to the MLS for King County in January of 2018
- 2,696 homes were for sale during the month of January in King County
- 1,753 homes sold in the county in January
- .9 months of inventory available in King county in January
- 35 was the average days on market for a home to sell in the county
- 101.5% was the average listing price vs. sales price percentage
- $350 was the average price per square foot in King County
- $1,216,352,407 was the total closed sales volume for the county in January
- 4.375% was the interest rate
- 75% of homes sold in the first 30 days in King County in January of 2018
Inventory was ridiculously low again in January. The average days on market increased slightly, with the percentage of sale price to listing price again above 101%, while the average sales price decreased just slightly. The percentage of homes that sold in the first 30 days increased. Showing that a higher percentage of homes that went on the market were lower quality listings. That when an average to high quality listing went to market there were many buyers waiting to jump on it.
The projections and prognosticators are telling us that everything is headed for back up after the winter season.
Now may be a great time to sell your home if it is not in perfect shape, as there is less competition but still a backlog of buyers.
If you are considering a move up, a move down, or just want to sell your home… Inventory is still at record lows. Homes are selling at a rapid pace, the Interest Rates are still at below average lows, and the job market and population growth remains strong.
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