Local Market Update – October 2014

The start of fall saw the real estate market heating up. Inventory remains tight. The number of sales were up slightly from a year ago. But the real story was home prices.

• Prices Soared
The median price of single family homes sold in King County in September was up 9.5 percent from last year to $460,000. Prices in Seattle rose 12.1 percent to $517,000. The Eastside saw home prices increase 6.3 percent to $605,000.

• Number of Sales Increased Slightly
The number of homes sold in King County in September increased moderately, about 4 percent over a year ago. Pending sales – signed contracts to buy homes that haven’t closed yet – were up as well.

• It’s Still a Seller’s Market
The number of homes for sale in King County remains tight. While inventory has inched up over the past few months, there is just a little over two months of inventory available. Four to six months is considered to be balanced, so we remain in a seller’s market.

• Buyers are Considering Homes Outside the City Core
As rising home values in Seattle and the Eastside are pricing buyers out of the market, some are heading south searching for more affordable options. The median home price in Southeast King County was $305,000 in September; in Southwest King County it was $267,250. Both areas saw a boom in activity last month, with pending homes sales up almost 15 percent in Southeast King County and almost 20 percent in North King County.

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