King COUNTY HOUSING MARKET REPORT
Market Insights, Statistics, Graphs, And Infographs
THE KING COUNTY HOUSING MARKET REMAINED IN A SELLERS FRENZY STATUS FOR THE MONTH OF JULY
A few things really stuck out to me as I was compiling June’s stats:
There was a price drop for the first time since January of this year.
The average days on market has continued to decrease since January.
The inventory has increased for 5 consecutive months.
What that story tells me is that the selling market is still red hot and the buyers market is starting to pick up. With more homes being available to buy, or increased inventory, buyers are finally starting to see the bidding wars decrease.
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 getting your offer accepted.
Blazing Hot Puget Sound Housing Market Continues
Temperatures are rising across the Puget Sound and the housing market is keeping pace. We are seeing more inventory coming on the market in the mid and higher price ranges, creating greater selection and more breathing room for the backlog of buyers, but it continues to be a seller’s market. With homes selling quickly and with multiple offers in areas near job centers still the norm, the summer market is turning out to be one of the hottest on record.J Lennox Scott
KING County Real Estate Data
With only .8 months of supply if no other homes were listed in the next 3 weeks we would run out of houses to buy.
Last month there was .6 months supply. We are starting to see this number increase each month.
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 16 days. In contrast 5 years ago the average days on market for King County was 58. Homes are selling 42 days faster today than just 5 years ago.
In addition, 78% 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 homes is $690,407. In comparison 5 years ago the average sales price was $404,952. That is a 59% increase over 5 years ago.
In addition the average home is selling for 4% 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 unbelievable low rate of 3.92% another slight decrease from last month. (source: Freddie Mac)
There are plenty of buyers that are in the market.
Last year there was 3,683 homes for sale in King County and 3,503 this year. 180 less homes for sale than last year.
It is a telling signal that both the amount of homes for sale, and the number of homes sold had been consistently decreasing and the prices were going up. Both numbers dropped.
According to Zillows massive data set August is the start of the slow down season. If you put your house on the market now you can avoid the November and December freeze.
The King County Real Estate Market Analysis INFOGRAPHIC
If you like our infographic or know someone that may like it please don’t hesitate to share it on your Pinterest, Facebook, Twitter, or Google+.
If you would like to download the image:
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
- $690,407 was the average sold price for listings in the King County in July of 2017
- 4,415 new listings were added to the MLS for King County in July of 2017
- 4,644 homes were for sale during the month of July in King County
- 3,503 homes sold in the county in July
- .8 months of inventory available in King county in July
- 16 was the average days on market for a home to sell in the county
- 104% was the average listing price vs. sales price percentage
- $356 was the average price per square foot in King County
- $2,415,042,715 was the total closed sales volume for the county in July
- 3.92% was the interest rate
- 78% of homes sold in the first 30 days in King County in July 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 4 percent higher than they are listed at, and the Interest Rates are still at below average lows.
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
- Prices have started the seasonal drop
For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do.
Be sure to subscribe to our newsletter to get updated information about the Snohomish County.