King COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
We Are in what is being called a Frenzy Seller’s Market
The King County Real Estate Market Analysis Shows It May Be The Best Time Ever To Sell
A bold claim to be sure. Why are we suggesting such a boast? There are many factors that contribute to this current market condition.
We can do the eye test and see that houses are selling fast and for top dollar. However, we would probably feel much better about it if we could use big data to show us.
Before we get into the meat and potatoes of what is going on.. if you would like to stop here and just schedule a time for us to come out and give you a professional home price consultation. We won’t mind at all… in fact that is our job. Just click the button below or reply to this email and we will come out and give you a market price valuation.
The inventory shortage continues to fuel the quick action market and home prices are skyrocketing. The market is as intense as ever, as 82% of homes are selling in the first 30 days. If you’re a seller, you are in the enviable position to be able to ask for concessions such as rent backs and longer closing times in order to design your own exit strategy from your home.J Lennox Scott
KING County Real Estate Data
With only .7 months of supply if no other homes were listed in the next 2.6 weeks we would run out of houses to buy.
Last month there was .6 months supply. We should start to see this number increase as we move through Spring and Summer.
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 home in King County is selling in 20 days. In contrast, 5 years ago the average days on market for Snohomish County was 72. Homes are selling 52 days faster today than just 5 years ago.
In addition, 82% 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.
We have already seen where a low inventory should drive up prices. The average sale price for King County residential homes is $4669,585. In comparison 5 years ago the average sales price was $388,317. That is a $90,165 increase over 5 years ago.
In addition the average home is selling for 5.3% 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 still at a ridiculously low rate of 4.03% (source: Freddie Mac) there are plenty of buyers that are in the market.
With the inventory starting to increase more buyers should enter back into the market.
Last year there was 2,932 homes for sale in King County and 2,667 this year. 265 less homes for sale.
It is a telling signal that many less homes were for sale but more homes sold over the last year.
According to Zillows massive data set early May is the best time to list a home to maximize value. That means if you were to start getting your home for sale right now (May 9th) you would be perfectly timed to hit the market!
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
- $669,585 was the average sold price for listings in the King County in May of 2017
- 3,703 new listings were added to the MLS for King County in May of 2017
- 2,626 homes were for sale during the month of May in King County
- 2,667 homes sold in the county in May
- .7 months of inventory available in King county in May
- 20 was the average days on market for a home to sell in the county
- 105.3% was the average listing price vs. sales price percentage
- 316 was the average price per square foot in King County
- $1,785,113,001 was the total closed sales volume for the county in May
- 4.03% was the interest rate
- 82% of homes sold in the first 30 days in King County in May of 2017
If you are considering a move up, a move down, or just want to sell your home… there may never be a more perfect storm for selling.
Inventory is currently at record lows. Homes are selling at a rapid pace, homes are selling for a over 5 percent higher than they are listed at, the Interest Rates are still at below average lows, and the best month to sell your home is May.
If you are buying and trying to decide if you should wait there are a few things to keep in mind.
- Current Rental Rates
- Current Interest Rates
- More Inventory is Coming
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