July 2019 Housing Report
Inventory is increasing. We are in the dog days of summer and houses have been selling, while inventory is up and good homes sell quickly, we are in a friendly buyer's market. In July, the number of total active listings in King County rose by 11.90% from 5,116 to 5,725 . On the Eastside, inventory increased of 12.87% YoY from July of 2018. This level of inventory increase is gradual and approprate this time on year. More choices for buyers
Pending sales rose from July 2018 in King County and the Eastside, but closed sales were down on the Eatside. According to our King County Home Sales Report pending sales across King County rose 8.51% and Eastside pending sales were up 8.86%.
King County Closed Sales were up 0.58% and on the Eastside closed sales were down 1.92%. Despite the increase in inventory the pending sales are up. These are the signs of a healthy market that shows more inventory and steady sales. The median house sales price in King County is showing the effects of the ability of buyers to choose. It droped down 0.64% over last year to $625,000 however the median sale price on the Eastside saw a increase of 2.20% up to $849,950.
The Absorption Ratio rose to 1.75 in King County and 1.88 on the Eastside. A ballanced market is 4-5 Months of Inventory. Even though buyers have choice, good homes price well, sell quickly. Conversely homes that are overpriced, may stay on the market longer.
For additional details, see the July raw numbers from the Northwest Multiple Listing Service: NWMLS July 2019 Breakouts
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 classic spring market. See above Market Action Index (a gauge of market activity).
Median Price for Key King County Cities
- Bellevue: $825,000 down 1.37%
- Kirkland: $1,201,558 up 20.04%
- Redmond: $798,500 down 0.19%
- Seattle: $700,500 down 4.69%
Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this months 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 slowed a bit, it inventory still favors the sellers of good homes There are still homes a few homes selling with multiple offers, however contingencies are not being waived. If you intend to sell your home, you need to be realistic in time-frame and price. To be one of the homes that sell you must have the best features and benefits for the price. If your considering a sale, please click here for a complementary market analysis of your home.
What does this mean for home buyers?
RATES ARE GREAT!!! The best they have been in 22+ months. Competition is coming back to the market. Don't be supprised if you have to compete for a good home. We are seeing some ability for move up buyers can now use the Contingency clause to allow them to secure a future home before putting their home on the market. A great opportunity for those that have had their move up dreams on hold.
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 7/22/19.
I hope you find this home sales report useful. Please share with your friends. To find out how much your home is worth in today’s market, please click here for a complementary 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.