King COUNTY HOUSING MARKET REPORT

Market Insights, Statistics, Graphs, And Infographs

THE KING COUNTY HOUSING MARKET REMAINED IN A FRENZY BUT DID START TO SLOW A BIT

The King County Real Estate Market Analysis For 3rd Quarter 2018 Shows That That Buyer Pool is dispersing.

A few things really stuck out to me as I was compiling the 3rd quarter stats:

  • Both Active Listings and New Listings DOUBLED since quarter 1.
  • 16.2% decrease of homes selling in the first 30 days.
  • At 1.9 months of supply that number has more than doubled since Q1
  • $787,329 is the new all time high for the average sales price for a home in King County.

  • The average sales price increased by 11% from Q1.
  • The average days on market dropped 9 days to 17.
  • Interest Rates continued to inch up staying in the 4’s.

What that story tells me is that even with double the amount of listings coming on the market there are still plenty of buyers ready to buy.

Although we are staying in a Frenzy market, meaning 65% or more of houses for sale are selling in the first 30 days, we are starting to see real relief for buyers.

The number of new listings that come on in February was 2,755 in June 5,168.  Showing that more listings are here! Now is a great time for buyers to find a home that they won’t have to bid up to “win”.

Following years of solid growth, 2017 was much of the same, with the state’s Economic and Revenue Forecast Council estimating the number of jobs in Washington grew by 3 percent last year.” (Seattle Times)  “In 2018, the ERFC expects the rate of job growth to decrease slightly to 2.4 percent. “

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city in the country.

With still 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 Snohomish 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.

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SUMMER HOUSING MARKET DICHOTOMY

DURING THE SUMMER, WE SEE THE HIGHEST NUMBER OF HOMES SELL EACH MONTH.

At the same time buyers feel approximately 15% to 20% less sales activity intensity for each new listing that sells within the first 30 days.

Although it is still a quick response market, with an increase of new listings coming on the market during the summer months, we experience dispersed buyer energy due to the greater availability and selection.

During this historic and frenzied market, May through October is the best time of year for home buyers.J Lennox Scott

KING County Real Estate Data

INVENTORY


inventory

With only 1.9 months of supply if no other homes were listed in the next 1.9 months we would run out of houses to buy.

Last quarter there was only .9 months supply.  We have increased from Severe Shortage to just a Shortage.

Unless you are looking for homes in the $1m+ range. They price point is over 3 months and just a Low 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


days on marketThe average number of days that a home is taking to sell in King County was 17. Just 365 days ago the average days on market for King County was 16. Homes are selling 1 days slower today than last year.

71.1% of homes are selling in less than 30 days in Seattle. 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. However, we are starting to see homes sit a bit longer and they are not getting as many bids.

PRICE


price

We have already seen where a low inventory should drive up prices. The average sale price for King County homes is $787,389. In comparison 5 years ago the average sales price was $457,909. That is a 58% 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 amazingly low rate of 4.66% another slight increase from last month. (source: Freddie Mac)

There are plenty of buyers that are in the market.

SALES ACTIVITY


sales activity

3,567 homes were sold in King County last month. That is down 409 homes from 5 years ago, down 374 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.

TIMING


Zillow Best Time To Sell Your Home

According to Zillows massive data set July is the last “hot” month.

Now is still a good time to list your home.  There are tons of buyers and a severe shortage of inventory.

If the listings keep coming we may see a bit of an inventory bump for buyers.

If your a buyer you want may still want to hop in ASAP before interest rates increase any further and listings are starting to hit the market in bigger numbers.

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 market 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 Quarter 3 2018

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

  • $787,329  was the average sold price for listings in the King County in June of 2018
  • 5,168 new listings were added to the MLS for King County in June of 2018
  • 5,550 homes were for sale during the month of June in King County
  • 3,567 homes sold in the county in June
  • 1.9 months of inventory available in King county in June
  • 17 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
  • $392 was the average price per square foot in King County
  • $2,803,679,347 was the total closed sales volume for the county in June
  • 4.66% was the interest rate
  • 71.1% of homes sold in the first 30 days in Seattle in June of 2018

Summary


The total inventory saw 2,521 new listings, the average days on market decreased slightly, the percentage of sale price to listing price decreased to 102.9%, and the average sales price decreased.  The percentage of homes that sold in the first 30 days decreased to 71.1%.  Showing that the high number of buyers are seeing some relief in this sellers market.

The projections and prognosticators are telling us that we should see a another year of frenzy and surging market, through the summer of 2019.

Now is still a good time of year to sell your home as history shows that prices remain high into the summer.

If you are considering a move up, a move down, or just want to sell your home… Months of 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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