Greater Seattle Real Estate Trends for June, 2016
Some interesting things are going on in Seattle and around the King County area. Closed sales in May marked the fourth straight month where the median selling price of single family homes has been between $620,000 - $625,000. Still, the $625,000 median selling price in May was a 13.7% increase compared to the same time last year.
As of June 1st, in Seattle, there were 612 actively listed single family homes for sale, which was a 5.4% drop compared to last year. Closed sales also ticked down 3.3%. The “supply” of homes for sale came in at .77 months, the lowest it has been this year, the 2nd lowest since the Great Recession, and well below the 4-6 month range analysts point to as a neutral market favoring neither buyer nor seller.
The story is different in King County as a whole, where prices have kept rising. The median selling price of single family homes increased 3.7% from April to $560,000 in May, is up 14.1% compared to January, and up 16.4% since May of last year.
As of June 1st, in King County, there were 2,696 actively listed single family homes for sale, which was a 17.8% drop compared to last year. Closed sales were down 6.5% compared to last year, putting the supply of homes for sale at 1.07 months.
Though the percentage decline in closed sales was more pronounced county wide, so was the drop in inventory. While working with our brokers and clients who have been buying and selling homes throughout King and Snohomish Counties, I've toured a lot of different areas in the region. One thing I’ve noticed are the amount of new developments that have started springing up, so there may be a bit of a reprieve on the horizon for home buyers.
That being said, new construction homes are selling for a real premium in today’s market, so the verdict is out on whether it’s glass half full or empty.
