September 2018 Seattle Real Estate Market Update
Below is a rough transcript of this month's Seattle Real Estate Market Update Video.
Hi there. It's Aaron Janus, from the JanusGroup at RE/MAX Integrity. Welcome to our September 2018 Seattle Real Estate Market Update.
Here's a quick recap of the Seattle real estate market's recent activity, and where we find ourselves heading into fall.
Today I'm going to be talking specifically about real estate activity in King County.
We begin with available homes.
There are 4,434 New Listings on the market this month, with 6,987 active listings in King County, and 2,867 homes under contract.
Now as far as Homes On The Market are concerned, this is a 50% increase year-over-year.
And for the Homes Under Contract - that is a 5% decrease year to date vs the same time period last year.
Now if we look at sold stats - there are 23,339 homes sold year to date in King County. This is down slightly, at approximately 5%, compared to last year.
Moving on to Average Sale Price - we see that the average home is selling for $727,588 in King County. This is up 6% when compared to twelve months ago.
The average days on market for King County is 21.
And last, but not least, we see that the available months of inventory is 2.4 months. This is an increase of almost a full month since the same time last year.
So, what do all of these numbers mean?
Seattle homes are selling, and quickly, but not quite as quickly as they were a year ago.
Prices continue to rise - a 6% increase in homes prices in King County in the last year is a healthy indicator of the real estate market.
We are getting closer to a balanced market, but as it currently stands, the market conditions in King County still favor home sellers.
As a King County home buyer, you must be prepared to act quickly and make your best offer right out of the gate. You may not be competing with as many buyers as in the past, but it is still important to put your best foot forward.
And as a seller, you need to be strategic. Pricing and preparation are key.
That wraps things up for this month's Seattle Real Estate Market Update.
Thanks so much for checking this out.
If you are curious about the value of your Seattle home, please click here 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.
If you are a King County home buyer, please contact us today for a free, no obligation buyer consultation. We would love to help you.
Until next time... Take care!
Aaron Janus, CRS, ABR