The real estate market for the Puget Sound showed no signs of being impacted by the recent elections. Buyers are buying homes faster than new listings are hitting the market. While this is good news for home sellers, the fierce competition for the low real estate inventory is pushing prices higher.
This year continues to be positive for sellers in the King County and Snohomish County, but buyers aren’t getting a large number of properties to choose from due to the low inventory. In fact, October showed the lowest inventory that this area has seen since the early 90’s, and there is no sign of things improving where inventory is concerned.
According to a report on northwestmls.com, the four-county Puget Sound region is maintaining its strength in spite of setbacks. Brokers reported 9,950 pending sales for the month of October, this is an increase of 6.8 percent from this time last year.
King County shows a 1.1 month inventory supply. Snohomish County is showing a decrease of 20 percent from last year with their current inventory supply of 1.3 months.
House Prices on the Rise Again
During October, MLS members added approximately 7,591 new listings to the inventory. The end of October showed a total of 15,690 active listings, a 13 percent decrease from the 18,068 active listings in October of 2015.
The median price for a condominium rose 7.3 percent compared to October of last year, coming in at $285,000. This time last year, a buyer could purchase one for around $265,500. Prices climb for single-family homes. The median price in King County for October was $550,000. Current prices show a significant increase of 14.6 percent from October of 2015.
Location, Location, Location
When it comes to real estate, it’s no secret that location is an important key to success. Apparently, this is also true when it comes to listing inventory and home prices. The Puget Sound area is comprised of urban and rural communities. Your experience with buying or selling a house could differ depending on where you or where you’re searching.
The Puget Sound area includes King County, Kitsap County, Pierce County, and Snohomish County. Out of these counties, only Kitsap County showed an increase in listings last month. This increase in listings didn’t so much for the overall inventory supply due to the increase in home sales last month for that county.
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