Wondering what is happening in King county real estate? I am going to share with you a September recap.
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. 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 peak at the May/June months typically and then activity gradually slows through the fall and winter and then we start all over. We have home sales year round - just the largest amount is in the spring and summer.
Now that we are in the midst of the 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 homes. 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 market may be a little more intense for buyers. Buyers also have the benefit of Low interest rates! They unbelievable right now. The benefit for sellers is less competition– as there are fewer new listings so a new listing 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. There were far fewer listings added last month than a year ago.
Prices were down approximately 2.7% while pending sales rose nearly 10%. This tells us there is no shortage of buyers Prices normally start to taper off this time of year, September was a bit of a different month but it is to early to tell if this is just a little out of the norm or a new trend
The MLS figures show just over 2 months of inventory. This is still indicating a Sellers market We typically use 4-6 months of inventory as an indicator of a balanced market.
Home prices have started to stabilize. This means good opportunities for buyers. Prices are expected to stay stable during the Fall and Winter. The median price for single family homes and condos that sold last month in King County was $593,750, down from the year-ago figure of $610,000
Lifestyle changes, new jobs and very 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 today. I hope you learned a little. Want to watch the market trends monthly? Check out my video “How much is your home worth” and you will learn how.
Thanks for watching – see you next time!