The story is seasonality, one has to wonder that if the snow that we received in February contributed to the increase in inventory. In February the number of total active listings in King County rose by 127.60% from 1645 to 3744 in February of 2018. On the Eastside, inventory increased of 138.31% YoY from February of 2018. I predict that these numbers will normalize in May-June of 2019.
More choices for buyers
Pending & Closed show modest decline
According to our King County Home Sales Report pending sales across King County also showed a decrease of 8.15% and Eastside pending sales increase to 10.13%
King County Closed Sales saw a decrease of 3.7% Eastside closed sales also decreased by 2.08%. Despite the increase in inventory and the decline of pending and closings, the median house sales price in King County was up 2.37% over last year to $590,000 but on the Eastside down 9.03% to $768,975.
For additional details, see the August raw numbers from the Northwest Multiple Listing Service: NWMLS Feburary 2019
Pace of the Market
For our King County home sales report market activity looks like it has bottomed out…. and shows signs of returning See above Market Action Index (a gauge of market activity). Buyers affordability remains high, with interest rates around 4%!
Median Price for Key King County Cities
- Bellevue: $896,000 up 3.4%
- Kirkland: $816,222 up 16.6%
- Redmond: $825,000 up 8.6%
- Seattle: $702,000 up 5.6%
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 pay attention. The market has shifted. What has been the story of the last 4 years is over. There are very few homes selling with multiple offers and while prices are not falling, price reductions are increasing. This is due to the slack now created in the market. 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 you’re considering a sale, please click here for a complementary market analysis of your home.
What does this mean for home buyers?
Now fully in the winter season there may be fewer buyers in the marketplace and some of the best deals in quite some time. Fewer buyers coupled with an increase in inventory and modest interest rates, should lead to a tremendous opportunity for all buyers. 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 03/11/19.
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.