King COUNTY HOUSING MARKET REPORT
Market Insights, Statistics, Graphs, And Infographs
THE KING COUNTY HOUSING MARKET REMAINED IN A FRENZY PACE AS WE END THE COLD WINTER SEASON
The King County Real Estate Market Analysis For February 2018 Shows That That Buyers Are Hungry For New Listings
A few things really stuck out to me as I was compiling February stats:
- An increase of 897 Active Listings on March 19th vs. February 18th.
- $707,686 is the new all time high for the average sales price for a home in King County.
- The number of homes for sale has only varied by 50 units over the last 3 months.
- The number of homes sold increased by 800 units in the last 30 days.
- The average days on market dipped below a month to 28 days, and a much higher percentage of homes sold in the first 30 days.
- Interest Rates continued to inch up staying in the 4’s.
What that story tells me is that good quality listings are starting to come on market and there are plenty of buyers there to buy them up. While the bidding wars never really ended this winter, people are willing to bid up a little bit more and make the decision a little faster as indicated by the increase to 104.4% selling price to listing price ratio and decrease to 28 days on market.
The number of new listings that come on in January was 2,550 in February 2,755. Signaling that more listings are coming, and that we should see higher sales volume again in March.
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 King 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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LET THE PRIMETIME HOUSING MARKET BEGIN
THE ARRIVAL OF DAYLIGHT SAVINGS TIME TRIGGERS A BURST IN NEW LISTINGS. AND, MORE LISTINGS LEAD TO MORE SALES. IN REAL ESTATE ITS ALL ABOUT THE NEW LISTING.
The winter market is now officially over. Patterns in the winter market are: more sales than new listings and reduced inventory. This causes a home price appreciation boost during the first part of the year in the more affordable and mid price ranges. Over the second half of the year, as more listings come on the market, home price appreciation tends to flatten out.
Home mortgage interest rates are up from the first of the year leading to slightly higher monthly payments, but they have not put a damper on the market. Right now, we are experiencing a mini power surge of buyer demand.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 also .9 months supply. It looks like we may not see a full months supply for a while.
Unless you are looking for homes in the $0-250K or $1m+ range. Both price ranges are just over 1.5 months of supply.
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 28. Just 365 days ago the average days on market for King County was 41. Homes are selling 13 days faster today than last year.
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 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 $707,686. In comparison 5 years ago the average sales price was $399,273. That is a 56% increase over 5 years ago.
In addition the average home is selling for 4.4% 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 amazingly low rate of 4.52% another slight increase from last month. (source: Freddie Mac)
There are plenty of buyers that are in the market.
2,056 homes were sold in King County last month. That is down 219 homes from 5 years ago, down 5 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.
With the average sales price continuing to rise and the average sales price in Seattle city limits close to $800k we are starting to see more and more million dollar listings.
According to Zillows massive data set early May is the best time to list a home to maximize value. March is the start of the “Hot Season”.
Now is a great time to list your home. There are tons of buyers and a severe shortage of inventory.
If your a buyer you want to hop in ASAP before interest rates increase any further and the there is still a month before we hit peak seller’s market.
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
- $707,686 was the average sold price for listings in the King County in February of 2018
- 2,755 new listings were added to the MLS for King County in February of 2018
- 2,831 homes were for sale during the month of February in King County
- 2,056 homes sold in the county in February
- .9 months of inventory available in King county in February
- 28 was the average days on market for a home to sell in the county
- 104.4% was the average listing price vs. sales price percentage
- $374 was the average price per square foot in King County
- $1,455,001,907 was the total closed sales volume for the county in February
- 4.52% was the interest rate
- 82% of homes sold in the first 30 days in King County in February of 2018
Inventory was ridiculously low again in Feburary. The average days on market decreased slightly, with the percentage of sale price to listing price again above 104%, and the average sales price increased along with it. The percentage of homes that sold in the first 30 days increased significantly. Showing that buyers are ready to buy listings when they hit the market.
The projections and prognosticators are telling us that we should see a another smoking hot spring market.
Now is still 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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