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Jan 19

How did Puget Sound home sales end 2013?

crystal ball

King County median home prices

Market top median price, July 2007:  $481,000

Market lowest point, February 2012:  $308,125

December median price:   $419,825 – up about 10.5% from 2012

Buyers closed on nearly 1,800 houses in King County during December 2014 — 3% more than the prior December, The condominium market was also busy: 511 condos sold, 145 more than a year ago, for a median price of $250,000  — a 21% annual gain.

Inventory of homes for sale still low in King County

However, we will be starting 2014 with a shortage or low inventory of homes for sale, especially in the price ranges where approximately 90% of sales activity takes place.

King County had about a two-month supply of homes in December, based on active listings and pending sales. That translates into 3127 single family residences actively for sale in King County, and 923 condos.

A balanced market — one that neither favors buyers nor sellers — has a five- to seven-month supply of homes for sale. We have two.

Homes selling above the asking price

According to Redfin, more than 40% of homes sold from May to July went for above the asking price. In December, just under 25% did… which shows some slowing of price upward momentum. Read more in the Seattle Times.

Dec2013-2

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