This infographic, supplied by the NWMLS, quickly reflects 2017 King County real estate market statistics.
- nearly 3% more homes (condos & houses) sold in 2017 vs. 2016
- the median sales price was up nearly 15% county-wide
- at the end of 2017 there was less than a one month supply of available homes
- a 4 – 6 month supply is considered a balanced or normal – we haven’t seen a “normal” level of supply for 2+ years
Barely six weeks into 2018, the stats haven’t changed much. Homes are coming on the market slowly and selling quickly. Inventory still can’t meet buyer demand. The “spring” market generally opens up in mid-to-late February; hopefully there will be more condos and houses available as the weather begins to improve.
The take away . . .
- Planning to sell? Buyer demand is high but condition & location are still important
- Ready to buy? Position yourself to be a strong buyer. Obtain a current loan pre-approval from your lender. Work with your Realtor® to educate yourself on neighborhoods, schools, recent sales prices, list vs. sold statistics, commute times, etc. Know what you want and know what your budget will allow. Be patient. Be flexible. Be ready to move quickly.
Maybe the home that fits your lifestyle isn’t a house. Expand your options. A condo or townhouse, which can offer a single family lifestyle with lower maintenance responsibilities, is a great alternative if you don’t want a lot of yard or exterior maintenance.
I’ve specialized in condominiums and townhomes for over two decades. Find out what’s happening in your community or learn more about your future neighborhood. I have local sales and market data, information on new properties, future projects, etc. that may impact you as a seller or buyer.