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    King County Real Estate Market Update.

    The market is always changing and we have been living in one of the hottest real estate markets in the country. Seattle, Redmond, Sammamish and other cities are seeing incredible growth thanks to the ever growing technology sector. Home values are going through the roof but people are still hesitant to take advantage of the historic climb in property values.

    That’s why we are taking a look at the data for King County and breaking down what it means!

    Find out what your home can sell for with our home value tool here.

    Video breakdowns of local markets.

    Sammamish Market

    Kirkland Market

    Snoqualmie Market

    Issaquah Market

     

     

     

    Number of Homes For Sale vs. Sold vs. Pended vs. New Listing (Aug. 2017 – Jan. 2018)

    January 2018 is a Seller’s market**
    Home For Sale in January 2018 is 1285 units. It is down 2.7% compared to last month.
    Home Listed in January 2018 is 1788 units. It is up 93.5% compared to last month.
    Home Closed in January 2018 is 1262 units. It is down 39.2% compared to last month.
    Home Placed under Contract in January 2018 is 1620 units. It is up 30% compared to last month.

    **Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.

    January 2018 Average Sold Price per Square Footage is Neutral**
    Average Sold Price per Square Footage in January 2018 is $332. It is up 0.9% compared to last month.

    **Based on 6 month trend – Appreciating/Depreciating/Neutral.

     

    January 2018 Average Continuous Days on Market trend is Rising**
    Continuous Days on Market in January 2018 is 38. It is up 26.7% compared to last month.

    January 2018 Sold/Original List Price Ratio Remains Steady**
    Sold/Original List Price % in January 2018 is 99%. It is down 1% compared to last month.

    **Based on 6 month trend – Rising/Falling/Remains Steady.

     


    January 2018 Average For Sale Price is Appreciating**
    Average For Sale Price (in thousand) in January 2018 is $1393. It is up 2.7% compared to last month.

    January 2018 Average Sold Price is Appreciating**
    Average Sold Price (in thousand) in January 2018 is $768. It is up 0.7% compared to last month.

    **Based on 6 month trend – Appreciating/Depreciating/Neutral.

     

    January 2018 is a Seller’s market**
    Months of Inventory based on Closed Sales in January 2018 is 1. It is up 62.9% compared to last month.

    **Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.

    Closing remarks and thoughts from a real estate professional.

    In January of 2018 we saw what may look like some major spikes in many numbers, but one has to see it in the proper context. December is traditionally one of the “slowest” months in real estate, thus SOME of these spiking numbers are fairly typical. However, we did see some numbers that may surprise you.

    The number of of homes listed for sale in January is actually down 2.7% from the month before, yet the number of homes that officially came onto the market in January is up almost 100% (93.5%). This is because the total number of homes on the market includes old and new listings. The number of new listings that come on the market in December are minuscule compared to many other months of the year, however, the last week on December and first 2 weeks of January are typically very sale heavy, thus in November and December we burn through many of the “older” listings on the market and those aren’t replenished by new listings which is what leads to this discrepancy. We also closed 39% less transactions in January, but 30% more homes accepted offers in January over December. For these same reasons, the Months of inventory on the market is rose by 62.9% to one full month of inventory. This was the first rise in inventory levels since August of 2017.

    Another number that isn’t surprising is that prices ave continued to rise, though maybe at a slower pace, with the average sales price being up just shy of 1% (0.9%). However, with that said, two numbers that may surprise you is that the average days on market are up considerably (26.7%), which is a number that has been trending upwards every month since mid-2017. The percentage of its listing price that a home actually sold for is down a full point as well. A primary reason for these two number is that the average LISTING price is up by 2.7% and has been on a constant steady rise since its low point in September of 2017, which can cause slowing, and this has happened even though the avergae SOLD price is only up .7% and has been steadily hanging around its same point, very slightly raising or slightly lowering month over month.

    The biggest number that should stick out to all is that the Months of inventory on the market is 62.9% to one full month of inventory. This was the first rise in investory levels since August of 2017.

     

     

     

     

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    We speak North West. We speak Real Estate.

    Larry H., Snoqualmie