As Home Buyers Seek Affordable Options, They are Willing to Travel Outside of Greater Seattle
The Northwest Multiple Listing Service has released its monthly report and if features the statistics for August 2019. While that is typically the slowest of all summer months, the inventory continued to be extremely low. System-wide (the report focuses on 23 counties in Washington), there are less than two months’ worth of inventory. The numbers are even lower in the four counties adjacent to Puget Sound – only 1.6 months of supply were available there.
Low inventory continues to drive up prices. In the 23 counties surveyed, the prices of single-family homes and condominiums combined were 6.2% higher than a year ago, rising from $405,000 a year ago to $429,925 in August of this year. It is worth noting that the median price was $381,900 in January of this year – a 12.6% increase just eight months later.
The median price of single-family residences and condominiums in King County was $615,000 last month – up from $610,000 during the same time last year. The median sale prices in Snohomish and Pierce counties were much lower than King’s – $470,000 and $369,000, respectively – drawing the buyers who seek more affordable options to those areas. System-wide, the prices of single-family homes rose 6% year-over-year with the median condominium prices increasing about 2%.
As far as new listings system-wide are concerned, there were much fewer of those in August 2019 than in the same month of last year – 13% fewer, to be exact. The drop in new listings was the most severe in King County, where there were 18.5% less listings added year-over-year. In addition, the total number of new listings area-wide (10,488) was 6.4% lower than July’s total volume of 11,193.
While new listing numbers were lower, pending sales are up 4.9% year-over-year system-wide. Snohomish County in particular saw the highest gain in mutually accepted offers – a staggering 15.8% more in August 2019 than during the same month last year. With fewer new listings and an uptick in pending sales, the total number of active listings was also down, 10% from last year, from 18,580 in August 2018 to 16,697 this year.
To summarize, both the job growth and the current interest rates are extremely positive, pointing to a strong fall ahead for the real estate market in Washington state. Thinking of buying or selling? We’d love to help you make the right decision. Feel free to contact us at 206.910.5000 or at firstname.lastname@example.orgEmail