December 10, 2012
Low Residential Inventory in King County
Courtesy of Ewing & Clark
According to the NWMLS’ newly released statistics, the hot topic is that inventory is extremely low in King County residential real estate. King County single family homes for sale (excluding condos) are down 43% from last year. At the end of November there were 3,720 listings for sale in the county, compared to 6,487 last November.
This lack of inventory is causing prices to increase. Median prices are up 20% from last November ($424,900 vs. $355,000), and average days on the market decreased 9% from this time last year (115 days in Nov. 2012 vs. 126 days in Nov. 2011).
Most real estate experts believe the reason for the low inventory is that rental rates continue to rise, and even with the recovery in price many home values are still only matching up to what prices were in early 2005. Many real estate experts are suggesting that if you bought your house any time the last 8 years, it is likely a good to stay in your home if you can.
Questions about the Greater Seattle real estate market? We can help. Contact Ewing and Clark.