The hot real estate market shows little sign of slowing down. Home prices continued to move upward. With the number of pending sales exceeding the number of new listings, the supply of homes is falling well short of demand. The inventory of homes in the Puget Sound area is 23 percent less than a year ago.
Home prices on the Eastside continue to be well above those in other parts of King County. The median price for homes sold in October was $667,000, an eight percent increase over the previous year. Inventory remains at historic lows, with only a six week supply available – far below the three to six months of supply that is considered to be balanced.
Inventory remained tight throughout King County with just five weeks of available supply. Limited inventory has fueled home prices, pushing the median price of a home up seven percent over last year to $480,000. Home prices vary significantly based on location. While the median home price was $555,000 in Seattle, the median price was $449,950 in North King County, and $297,824 in Southwest King County.
A recent analysis ranked Seattle as the nation’s #1 hottest market for single family homes. That demand has depleted the supply of homes, which stands at just under one month of inventory. Demand has also kept prices climbing. The median price of a home in Seattle increased eight percent over the previous year to $555,000.
Home prices in Snohomish County continue to climb. The median price of a single family home jumped 11 percent to $356,000 in October. Buyers looking for a more reasonably priced option than King County are increasingly looking here, resulting in multiple offers for well-priced homes. Though inventory is not as tight as King County, with just a two month supply of homes available, it’s still a solid seller’s market.