The real estate market remains strong as we head into the holidays.
• Prices continue to increase over last year
• Number of sales are up slightly
• Inventory remains tight
• Luxury home sales have soared
Eastside home prices rose 7 percent to $615,864. There is just 1.8 months of inventory available in the Eastside market. That number is significantly lower than the 10 year average of 4.5 months. This strong seller’s market has made competition for homes very strong.
Prices in Seattle increased 8.3 percent to $515,000. Supply is particularly low here, with just 1.2 months of inventory. The amount of inventory is even tighter is desirable communities close to the city.
The median price of single family homes sold in King County in October was up 5 percent over last year to $447,250. Inventory remains tight, with less than two months of housing supply available in King County. Supply has hovered around the two month mark all year, so we continue to remain in a seller’s market. With more demand than supply, about half of all new listings are selling in the first 30 days.
Luxury Home Sales
Sales of homes priced at $5 million or more have jumped 59% over last year. 27 homes priced at $5 million or more have sold so far this year (and 14 of those in the last 90 days). That compares with 17 $5 million+ sales in all of 2013. These luxury home sales are heavily concentrated on the Eastside, with 25 of the 27 transactions occurring east side of Lake Washington.