What’s New in the Eastside Real Estate Market
Increased inventory, slower sales and price reductions all point to a balancing market—welcome news for price-shocked buyers. Sales prices for the Eastside real estate market are up from last October and down from the all-time high reached this spring. Despite the slowdown, it’s important to point out that we’re only moving back toward a normal market. King and Snohomish counties each have over two months of available inventory. While that is double the inventory of last year , it’s short of the four to six months supply that is considered a balanced market. Sellers looking to list their Eastside real estate properties now can be sure there remains plenty of interest among home buyers.
The median home on the Eastside sold for $890,000 in October, up 5 percent from last year and unchanged from the previous month. While year-over-year price increases were in the single digits for the Eastside overall, several areas, including Kirkland, Woodinville and Mercer Island, experienced double-digit price gains. Buyers still have to pay a premium for desirable Eastside real estate properties. However, with more choices and less buyer urgency, sellers need to price their home correctly to maximize chances of getting the best possible return.
Inventory in King County for all homes, both single-family and condominium, soared 102 percent over last October. The increase was due to an influx of new listings and the fact that homes are now taking longer to sell than at the peak of the market this spring. While buyers now have more breathing room for decision making, the 2.4 months of inventory in King County is still far from a balanced market. The median price of a single-family home in October was $670,999, an increase of 7 percent from the same time last year, and virtually unchanged from August and September. South King County showed larger increases, with prices rising over 10 percent from a year ago in Auburn, Kent and Renton.
In October, the median price of a single-family home in Seattle was $750,000, up 2 percent from last October and down slightly from last month. While inventory doubled over a year ago, Seattle falls behind most areas of King County in supply with just under two months of inventory available. Demand is predicted to stay high, with Seattle’s population projected to grow at twice the national rate next year. That said, buyers are in the position to be able to negotiate. A recent analysis named Seattle as one of the top markets in the country where it makes the most sense to buy this winter.
Inventory in Snohomish County soared 65 percent in October compared to a year ago. The area now has 2.4 months of inventory, about the same supply as King County. As with most of the Puget Sound area, the increase in inventory was due to a higher number of sellers listing their homes and fewer sales. Year-over-year, the median price of a single-family home sold in October in Snohomish County grew 8 percent to $473,000. The median price in September was $485,000.
This post about the Greater Seattle and Eastside real estate markets originally appeared on the Windermere Eastside Blog.
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