Brokers added 11,411 new listings to the Northwest MLS database during August, but they presented
offers for even more buyers (11,898) to keep inventory below two months of supply. At month-end, there were 18,336 active listings in the MLS system, a decrease of 11.6 percent from a year ago, resulting in only 1.9 months of supply. (Four to six months is generally considered to be a “neutral” or balanced market for buyers and sellers.)
In King County, the median price on 3,656 sales that closed during August was just under $500,000.
That’s up nearly 11 percent from the year ago figure of $450,700, but slightly lower than July’s median sales price of $505,000. Prices on single family homes (excluding condos) that closed in King County jumped 10 percent year-over-year, rising from $499,950 to $550,000.
So still a lot of demand for houses in our area, and a shrinking pool of available properties. A very HOT seller's market...
If you are thinking of selling, the market is hungry for inventory - and prices and demand continue to go up. For a free, no-obligation assessment of what your house might bring in today's hot housing market, please send a private email to HomeLandInvestment@gmail.com or leave a message on my 24-hour recorded hotline 888-621-4999.