Continued strong demand has pushed home prices in King County over their 2007 peak. Faced with record low inventory and anxiety about rising interest rates, buyers are snapping up homes as soon as they come on the market. What is tough news for buyers is a boon for sellers. A recent analysis of home sales in King County showed that 41 percent sold for over list price.
• Both closed sales and pending sales (agreements that have been signed but not yet closed) in King County were up by double digits over last March.
• Home prices continued their steady rise.
• April was the sixth consecutive month of record-low inventory.
Both home sales and home prices on the Eastside rose in April. The number of closed sales were up by 15 percent over last year. The median price of a single family home was up 6 percent to $654,650. Stiff competition for homes was exacerbated by lack of inventory, with just one month supply available.
April was the second month in a row that King County had less than one month of available inventory. (A supply of three to six months is considered balanced.) The number of closed sales climbed 17 percent over the same time last year. The median price of a single family home in King County rose 11 percent over last year to $480,000.
Inventory continues to be a real problem in Seattle, with the city having just two weeks of available homes on the market. As a result, multiple offers with escalator clauses are now the norm. The number of homes sales were up 18 percent. The median home price increased 15 percent to $552,500.