This is our mid-year update in with the on-fire Seattle area housing market. What’s changed – and what hasn’t – in the intervening months? With May market numbers steadily coming in, we’re reviewing the Seattle market for you and taking a fresh look. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at our Seattle branch, 206-866-5844.
Median Sales Price
In May, the overall median sales price of single-family homes (including condominiums) in King County was up 16.07% over May 2017, at $650,000, compared to $560,000 in the previous year. Breaking the numbers down further – the median sales price of a single-family home in King County was $726,275, a 14.64% increase over May 2017, and the median sales price of condominiums in King County was $427,000, a 14.17% increase over May 2017.
Seattle’s single-family market segment is experiencing a strong seller’s advantage, with demand high and inventory low. As of May 2018, the Seattle area has 1.44 months of single-family home and condominium inventory, the first time the region has seen more than a month’s supply since September 2017. The trend toward a more balanced market inventory is actually a good thing, as it creates better opportunities for buyers to have access to the market.
U.S. foreclosure activity as of May 2018 was .05%, which has held steady since February. The Seattle foreclosure rate is well below the national average, at .01%, which is below Washington State’s at .02%. According to the RealtyTrac, the number of properties receiving a foreclosure filing as of May 2018 was 21% higher in May 2018 than the previous month but 75% lower than the same time last year in the Seattle area.
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!