May 2019 King County & Eastside Housing Report
Inventory numbers are increasing. This is the season for selling, keep in mind though we are still in a friendly buyer's market. In May the number of total active listings in King County rose by 62.41% from 3562 to 5785. On the Eastside, inventory increased of 57.89% YoY from May of 2018. While these numbers may look drastic, that increase was down from last month.
More choices for buyers
Pending sales were the same as May 2018 and closed sales were up. According to our King County Home Sales Report pending sales across King County rose .48% and Eastside pending sales were down 4.24%
King County Closed Sales were up 5.76% and on the Eastside closed sales were up 13.81%. Despite the increase in inventory and the decline of closings, pendings however showed a rebound. The median house sales price in King County is showing the effects of the ability of buyers to choose. It droped down .77% over last year to $645,000 and a median sale price on the Eastside saw a decrease of 4.13% down to $824,450
The Absobtion Ratio is still at 1.71 in King County and 1.67 on the Eastside. - A ballanced market is 4-5 Months of Inventory
For additional details, see the December raw numbers from the Northwest Multiple Listing Service: NWMLS May 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: $898,000 up 2%
- Kirkland: $792,000 up 7%
- Redmond: $834,000 up 8.7%
- Seattle: $698,744 up 1.3%
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?
Sellers and would-be sellers the early bird will get the worm! While the market has slowed a bit, it inventory still favors the sellers. There are still homes selling with multiple offers and while prices are not falling, price reductions are increasing. 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 13+ months. Competition is coming back to the market. Understand that this will last until at least the middle of June. 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 6/17/19.
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.