Hey there! Wondering what is happening
in King County real estate? I’m going to share with you a September recap in just
a minute! What is happening in in King County real estate? Let me tell you I’m
going to share with you the stats for King County housing and share price
trends for September. The stats that come out are always for the previous month.
Real estate in our area is cyclical. Check out this chart. In the fall and
winter sales activity intensity is typically lower for new resale listings.
The greatest activity and peak is typically in late spring to early summer.
We start to ramp up in the spring and then we peak around May or June,
typically and then activity gradually slows through the fall and winter. We
have home sales year-round just the largest amount is in the spring and
summer. Now that we are in the midst of a transition into the fall housing market
there are fewer buyers in the market as well as fewer new resale listings and
unsold inventory. This is usually a great time for buyers in the market as they
face less competition and have a greater selection of homew. Although this year we have a shortage of unsold listings. They are much less than we typically see at
this point in time. Our winter may be a little more intense for buyers, but
buyers also have the benefit of low interest rates. They are unbelievable
right! Now the benefit for sellers is less competition, as there are fewer new
listings. A new listing that comes on grabs a lot of attention. Here are some
stats for you at the end of September. The total number of active listings were
down more than 18% from the same month a year ago. the MLS is showing
just over two months of inventory on the market. This is still indicating a
seller’s market. We typically use four to six months of inventory as an indicator
of a balanced market so two months of inventory is still on the seller side.
Prices were down approximately 2.7 percent while pending sales rose nearly
10 percent . This tells us there’s no shortage of buyers! Prices normally start
to taper off this time of year and September was a bit of a different month
but it is too early to tell if this is just a little out of the norm or a new
trend. Home prices have started to stabilize. This means good opportunities
for buyers. Prices are expected to stay stable during fall and winter. The median
price range for single-family homes and condos that sold last month in King
County was 590 $3,750 that is down from a year ago. The figure being $610,000.
Lifestyle changes, new jobs and low interest rates are driving the market. If
you are a buyer, this time frame is a great time to buy you can take advantage
of the low interest rates, stabilization of prices and low competition. If you are
a seller the low interest rates are a bonus for you as well because they bring
the buyers! The decrease in new listing activity also gives you an advantage to
shine in a less competitive market. That’s all I have for you today. I hope
you learned a little. Do you want to watch the market trends monthly? If so
check out my video how much is your home worth and you will learn how. Thanks for
watching! I’ll see you next time!