January 2018 Seattle Real Estate Market Update: 2017 Year In Review
Before we look ahead to 2018 and the spring selling season, we'd like to take a few minutes to look back at 2017.
Today I'm going focus on seven specific statistics and how they are shaping the market. These numbers are about residential and condominium listings in King County as a whole - they allow us to paint a broad brush of the Puget Sound region and get a sense of the general market as we go into the new year.
We begin with available homes.
In 2017 there were 39,644 New Listings that came on the market and 40,279 homes that went under contract. Both of these numbers are close to 2016 totals, and do not represent significant shifts year-over-year. We ended the year with just 1,374 active listings in King County, down 30% from December 2016.
Now if we look at the sold stats - there were 35,122 homes sold in 2017 in King County. This is almost unchanged from 2016 when there were 35,539 homes sold in King County.
Moving on to Average Sale Price - we see that the average home in 2017 sold for $673,984 in King County. This is up 13.7 percent over the 2016 average. 13.7 percent!
And the average days on market for 2017 is 21 days, which is down just slightly from 2016 when it was 24 days on market.
And last, but not least, we see that the available months of inventory is 1.1 months. This is an extreme seller's market, as we have seen now for a few years in Seattle.
To summarize: the 2017 averages in King County are very similar to those from 2016. We see that inventory levels continue to remain low, and this persists the upward pressure on prices.
Well, that does it for this edition of the JanusGroup Seattle real estate market update! Thanks so much for checking this out.
If you are thinking about buying or selling real estate in 2018 or curious about the value of your King County home, please go to our List Your Home page to get started. We will create a free, no obligation Comparative Market Analysis for you that will give you an in-depth look at how your home compares to others in the neighborhood.
Until next time... Take care!
Aaron Janus, CRS, ABR