NWMLS recently published a report about the current state of King County’s housing market. Below is a summary of what’s happening now!
Median Home Prices Climbing
The median price of single-family houses that were sold in King County in February hit a record high of $514,975. That’s up 19.8% from last year. For condominiums the price surge was even higher: 26% with a median sale price of $323,975. Residences are getting snapped up the second that they hit the market.
Number of Home Sales will Continue to Rise
Starting this month, it is expected that the market will see an explosion of sales activity that will last until October. The reason for this is a shortage of houses for sale. Across the four counties, 6,131 condos and houses were on the market last month. That’s nearly 1/3 fewer than in February 2015.
The number of pending sales, meanwhile, is up in all but King County. Sales increased almost 15.75% in the region’s least expensive county, Pierce, where the median sales price for condos and houses was $249,250. Kitsap’s median price of $253,000 was second lowest. Snohomish County’s median price was $327,500 and King’s was $439,950.
Number of Condo Sales Also Expected to Increase
Some priced-out buyers are looking at condos, with the number of closed sales way up in all but Kitsap County. The number of sales increased almost 56% in Snohomish County, where the median sales price was $236,000. It’s a similar story in Pierce County, with closed sales up 30%; the median price was $207,000.
Even in pricier King County, closed sales surged 21.4%. The number of sales in Kitsap, where the median price was $119,800, fell by 21.4%, though this is based on only 11 sales.
It looks like it will remain a seller’s market for the next several months and serious buyers may need to be willing to budge in their home type, size or location, or have a flexible budget.
If you have questions about the Seattle or surrounding area home sales or rental market, or are thinking of buying, selling, or leasing a home, please contact our agents today!