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 AUGUST

The King County Real Estate Market Analysis For August 2017 Shows The Selling Market Is Still Very Strong But Buyers Are Starting To See Some Relief

A few things really stuck out to me as I was compiling June’s stats:

There was a price drop for second month in a row.
The average days on market saw its first increase since December.
After increasing for 5 months the inventory decreased again slightly.

What that story tells me is that the selling market is still red hot but the buyers market has some things to look forward to. The prices are inching down and homes are sitting a little longer.

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.

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HOME MARKET VALUE
PUGET SOUND HOUSING MARKET HITS NEW SALES SUMMER RECORD
It’s been the best summer on record for sales activity in the central Puget Sound market, with June, July, and August clocking in a record number of transactions. Looking ahead for the next six months, new listings coming on the market usually drop by 20% in September and October, and then drop another 30% over the winter, so, for buyers, the best opportunity for selection and availability will be the next two months. Interest rates are the lowest they have been since last November, and job growth remains very strong. 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 3 weeks we would run out of houses to buy.

Last month there was .8 months supply. After seeing this number creep up over the last few months it once again took a dip.

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.

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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

Days on market

The average home in King County is selling in 19 days. In contrast 5 years ago the average days on market for King County was 54. Homes are selling 35 days faster today than just 5 years ago.

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.


PRICE


price

We have already seen where a low inventory should drive up prices. The average sale price for King County homes is $689,950. In comparison 5 years ago the average sales price was $416,700. That is a 60% increase over 5 years ago.

In addition the average home is selling for 2.9% 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 3.82% another slight decrease from last month. (source: Freddie Mac)

There are plenty of buyers that are in the market.

HOMEs SOLD


activity

Last year there was 3,849 homes sold in King County and 3,857 this year. Only 8 less homes for sale than last year.

In comparison only 2,924 homes sold 5 years ago.  That is a 75% increase in the number of homes sold in King County over the last 5 years.

TIMING


Zillow Best Time To Sell Your HomeAccording 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.

September is bringing a drop in pricing. There is still time to list your home before winter.

These next 2 months are the best time for buyers.

The King County Real Estate Market Analysis INFOGRAPHIC


King County Housing Market Report - August 2017

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 August 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

  • $689,950 was the average sold price for listings in the King County in August of 2017
  • 4,257 new listings were added to the MLS for King County in August of 2017
  • 4,780 homes were for sale during the month of August in King County
  • 3,857 homes sold in the county in August
  • .7 months of inventory available in King county in August
  • 19 was the average days on market for a home to sell in the county
  • 102.9% was the average listing price vs. sales price percentage
  • $355 was the average price per square foot in King County
  • $2,657,686,163 was the total closed sales volume for the county in August
  • 3.82% was the interest rate
  • 75% of homes sold in the first 30 days in King County in August of 2017

Summary


If you have been in the market trying to buy a house you may have experienced what is called buyers fatigue. With more inventory showing up last month we experienced a slight drop in pricing and homes staying on the market a little longer.

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 2.9 percent higher than they are listed at, the Interest Rates are still at below average lows, and we are moving into 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. 

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