Inventory continued to be very tight in February. There just aren't enough homes on the market to meet demand.
- King County has about 2.5 months of inventory. A 4-6 month supply is considered balanced, so we are definitely in a seller's market. Seattle has 1.7 months of inventory; the Eastside 2.4 months. Here's an example of what that means: Someone looking to buy a single family home between $500,000 and $600,000 in Bellevue today has just eight listings to choose from. Buyers can expect multiple offers on properties that are fairly priced.
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- Low supply and high demand have kept prices strong. Though down slightly from last month, the median price of homes sold in King County in February were up 11 percent over a year ago. The Eastside saw sale prices increase 11 percent, and Seattle saw an increase of 9.5 percent.
- The market for high-end homes in King County is brisk. A total of 161 $1 million+ properties sold in the first two months of this year, a 39 percent increase over the same period last year.
- Low interest rates and soaring local rental prices have made homeownership a cheaper alternative to renting. According to Trulia, buying in the greater Seattle area is 37% less expensive than renting. Mortgage rates need to hit 10.6% before renting is cheaper.
If you'd like information on your specific neighborhood, give us a call and we'll be happy to send you a report.