February 2020 Housing Reports
February showed yet another month of declining inventory and the end result is that with less inventory on the market we continue to have an imbalance of supply and so we find ourselves a market that favors sellers. In February, the number of total active listings in King County dropped by 40.68% from 3,744 to 2,221. On the Eastside, inventory decreased 48.53% YoY from January of 2019. This level of inventory decrease isn't normal for spring, but there is still less competition for people wanting to sell their homes.
Pending sales rose from February 2019 in King County and the Eastside, and closed sales were also up in King County and on the Eastside. According to our King County Home Sales Report pending sales across King County rose 27.09% and Eastside pending sales were up 27.10%.
King County closed sales were up 5.35% and on the Eastside closed sales went up 2.90%. With the decrease in inventory and the increase of pending sales, fewer homes may be available in April. Buyers looking for deals may have to search harder. The median house sales price in King County is slightly up by 1.82% over last year to $615,000 and the median sale price on the Eastside saw an increase of 7.84% up to $829,300.
The Absorption Ratio decreased to 1.17 in King County and 1.25 on the Eastside. A balanced market is 4-5 Months of Inventory. There are serious buyers in the market right now, good homes priced well will sell quickly.
For additional details, see the September raw numbers from the Northwest Multiple Listing Service: NWMLS February 2020 Breakouts
The pace of the Market - Market Action Index
For our King County home sales report market activity looks like it has started on the upswing…. and shows signs a hotter than normal winter market. See above Market Action Index (a gauge of market activity).
Median Price for Key King County Cities
- Bellevue: $880,000 up 18.92%
- Kirkland: $1,235,000 up 34.97%
- Redmond: $722,500 up 6.25%
- Seattle: $675,000 down 2.17%
Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this month's home sales report, you will see that King County and the Eastside are top performers!
What does this mean for home sellers?
The market has tightened up, inventory reduction favors the sellers of good homes. Homes selling with multiple offers, however, and contingencies are being waived. If you intend to sell your home, let's talk about timing as things are hotter than normal. If you're considering a sale, please click here for a complimentary market analysis of your home.
What does this mean for homebuyers?
RATES ARE GREAT!!! Rates are still around the 4% range. Competition for the best homes is coming back to the market. Don't be surprised if you have to compete for a good home.
Home Sales in King County
Below are links to homes available for the King County communities of Bellevue, Issaquah, Kirkland, Seattle, Redmond, and Sammamish. Just click on the link to your neighborhood for the complete breakdown for the week of 01/16/2020.
I hope you find this home sales report useful. Please share it with your friends. To find out how much your home is worth in today’s market, please click here for a complimentary market analysis of your home. And if you are interested in selling your home for top dollar, in the shortest amount of time, please contact me anytime at 425-200-4093, or click here to send me an e-mail requesting further information.