Record low inventory throughout King County pushed prices upward over last year. With inventory near a ten year low, the strong seller’s market continues. To return to a more balanced market, we need more inventory to meet pent-up demand.
• Like January, February’s pending sales (agreements that have been signed but not yet closed) were the highest on record in 10 years.
• Home prices throughout King County continued their steady climb.
• February was the fourth consecutive month of record-low inventory.
Both closed sales and pending sales were up on the Eastside. The median price of a single family home increased 5 percent to $617,645. Sales of high end homes were particularly robust. In the first two months of this year, 180 homes on the Eastside sold for $900,000 or more, compared to 144 such homes in the same period last year – an increase of 25%.
Seattle continued to have the lowest supply of homes in the county, with just 1.3 months of inventory available. There are 18 percent fewer homes for sale than a year ago. With supply so short, it’s no surprise that prices have risen. The median price of a single family home rose 13 percent over last February to $520,000.
The median price of a single family home in King County increased 6 percent over last year to $429,900. With just a two month supply of homes available, it remains a solid seller’s market. (A supply of three to six months is considered balanced.) With heavy competition for new listings, buyers should anticipate multiple offers with many homes selling for over listing price.