Washington Housing Market to Have a Strong Summer
The newest monthly Northwest Multiple Listing Service report is out and the housing market in Washington state is looking strong. Inventory, pending property sales and prices have all experienced an increase in June, as compared to the same month last year. However, there were fewer closed sales and new listings than in June 2018. The report surveys 23 counties in the state and the general consensus from industry experts is that the buyers are definitely better off than they were twelve months ago – although given the low levels of inventory, area-wide this is still a sellers’ market. There is 1.76 months of single-family home inventory area-wide – same as in May of this year.
While King county remains a competitive market, many buyers are flocking to Pierce and Kitsap counties, where they get some relief from high prices – getting more space for their money while enduring longer commute times. The median price for single family homes in King county was quite high, at $637,675. By comparison, Pierce county’s was almost forty percent lower, at $372,500 and Kitsap’s was $387,000. Area-wide the overall median single-family home price was up 3.5% from a year ago – at $440,000.
Meanwhile, the condominium activity was a bit mixed. There was a decline in both, the number of new listings as well as pending and closed sales year-over-year. Total inventory was up over forty percent from June of last year, but that still equals merely 1.9 months of supply. Prices of condominiums also remained largely unchanged, with the median price only 1% higher than a year ago – at $367,000 area-wide.
Thinking of buying? In this market, it is good to have an experienced realtor at your side. Contact us today at 206.910.5000 or at firstname.lastname@example.org.Email