A look back: the real estate market in 2019
With 2019 behind us, the annual real estate market statistics are in. The Northwest Multiple Listing Service, a member-owned organization that services 23 counties in Washington has compiled the statistics for last year. We break down area-wide and King County numbers for you below.
Area-wide, there were fewer sales in 2019 than the prior year – 92,503. However, the dollar volume was up by 3.8% – total sales added up to a staggering $49 billion. These sales are reported in the areas serviced by the Northwest Multiple Listing Service, which covers counties that are home to more than 82% of the state’s total population. Of the 92,503 reported sales, single family homes accounted for 87.3% and condominiums for only 12.7% of the total. New construction sales accounted for about 13% of the total figure.
System-wide the year-over-year prices of single-family homes increased just over 6% to $435,000 – up from $410,000 in 2018. In King County that figure was much higher: the median price of a single-family home there was $675,000. That number is slightly lower than the average median sales price of $680,000 in 2018. Meanwhile, while the median sales prices of condominiums remained virtually unchanged system-wide, the prices went down about 4% in King County. Just over 6,500 condominiums sold in our county last year – about 4.1% less than in 2018.
The inventory continued to be low in 2019. Overall, the area covered by the NWMLS averaged 1.78 months of inventory, about the same as in 2018. The lowest levels were found in Thurston county, with 1.14 months of supply, followed by Pierce with just 1.3. The highest level was found in San Juan county, which averaged 9.03 months of supply. King county kept pace with the area-wide statistics, with an average of 1.74 months of supply in 2019.
The sales of high-end homes, defined as those with price tags higher than $1million were up about 3.25% from 2018, with nearly 6,300 properties sold. Unsurprisingly, the vast majority of those single-family residences sold in King county – a staggering 5,193. The sales of luxury condominiums (ones that sold at $500,000 or above) were down a significant 11.43% from 2018. A total of 2,951 high-end condos sold, with a vast majority of those (2,253 units) in King county.
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