King COUNTY HOUSING MARKET REPORT

Market Insights, Statistics, Graphs, And Infographs

WINTER IS COOLING THINGS OFF A BIT BUT KING COUNTY REMAINS IN A FRENZY MARKET FOR NOVEMBER

The King County Real Estate Market Analysis For November 2017 Shows That While Things Are Cooling Off The Market Is Staying Strong

A few things really stuck out to me as I was compiling October stats:

  1. 919 fewer homes were for sale this year than the same time last year.
  2. Closed sales from last year is also higher but only higher by 34.
  3. Even with less sales the average number of days dropped for the 3rd consecutive month.
  4. While most major statistical category went down, they are still up from last year.
  5. The average sales price has hovered between $660 – 685k for the last 8 months.

What that story tells me is that even though there are less homes going on the market and selling, because of the weather and holidays, the ones that do come on are still seeing plenty of buyer action.

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 ridiculously low interest rates, increased job growth, and more people moving to Seattle than anywhere else in the country, we expect to see this slight dip head back up by February.

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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HOME MARKET VALUE
EXTREMELY ACTIVE PULSE IN THE WINTER HOUSING MARKET
Sales activity intensity is extremely strong for new listings coming on the market. While the overall volume of new listings and sales activity is lower this time of year, the majority of new listings are selling withing their first 30 days on the market. For residential sales in the four county area in November, new pending sales activity was 43% higher than the number of new listings. The typical pattern for the winter housing market is higher sales activity than new listings. Close to job centers, it impacts all price ranges. In surrounding counties, this is especially pronounced in the more affordable and mid price ranges. Market conditions are set for another robust market in the year 2018.J Lennox Scott

KING County Real Estate Data

INVENTORY


inventory

With only .7 months of supply if no other homes were listed in the next .7 months we would run out of houses to buy.

Last month there was .9 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


Days on MarketThe average number of days that a home is taking to sell in King County was 25. Just 365 days ago the average days on market for King County was 32. Homes are selling 7 days faster today than last year.

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 in the lower price ranges.

PRICE


sales price

We have already seen where a low inventory should drive up prices. The average sale price for King County homes is $603,918. In comparison 5 years ago the average sales price was $434,731. That is a 63% 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.

INTEREST RATES


interest rates

In order for it to be a sellers market there must be buyers. With the interest rates at an unbelievable low rate of 3.98% another slight decrease from last month. (source: Freddie Mac)

There are plenty of buyers that are in the market.

HOMEs SOLD


Sales activity

Last year there was 3,079 homes sold in King County and 3,026 this year. That is 53 less homes sold in November this year than last year.

In comparison only 2,407 homes sold 5 years ago.  That is a 25% increase in the number of homes sold in King County over the last 5 years.

TIMING


Zillow Best Time To Sell Your Home

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.

JOB AND POPULATION GROWTH


Wa state employment forecastAccording 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.

Seattle Population Increase

(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


King County Housing Report

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:

Download The King County Market Report Infographic For November 2017

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

  • $658,651 was the average sold price for listings in the King County in November of 2017
  • 2,301 new listings were added to the MLS for King County in November of 2017
  • 3,515 homes were for sale during the month of November in King County
  • 3,030 homes sold in the county in November
  • .7 months of inventory available in King county in November
  • 25 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
  • $356 was the average price per square foot in King County
  • $2,075,465,304 was the total closed sales volume for the county in November
  • 3.89% was the interest rate
  • 78% of homes sold in the first 30 days in King County in November of 2017

Summary


If you have been in the market trying to buy a house you may have experienced what is called buyers fatigue. I would like to tell you that it is getting better but with less inventory available last month, and the prices stabalizing the demand seems to be just as hot as ever.

If you are considering a move up, a move down, or just want to sell your home… we are still in a frenzied sellers’ market.

Inventory is still at record lows. Homes are selling at a rapid pace, homes are selling for 1.5 percent higher than they are listed at, the Interest Rates are still at below average lows, job growth and population are increasing, and we are in the low activity months to sell your home.

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. 

Please Visit:

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