The housing market last month heated up significantly. Along with temperatures, the housing market sizzled in June. Continued low inventory coupled with ever-increasing demand pushed home prices in King County to an all-time high. The multiple offers and escalation clauses that have now become common make it a very hot market for sellers.
- Home prices in King County surpassed their 2007 peak.
- The number of closed sales in King County increased 17 percent over last June.
- Record low inventory continues to fuel competition among buyers.
While sales on the Eastside jumped 23 percent, inventory remains very tight. With very little new construction in the pipeline, low inventory is expected to continue until more sellers are willing to list their homes. An incentive is the continued price appreciation here. The median home price was up 6 percent to $670,000, the highest of any King County region.
There were almost 24 percent fewer homes for sale in June as compared to the same time last year. As a result, competition for homes is fierce, with first-time home buyers competing with foreign buyers and those moving here for new jobs. King County saw the median price of a home soar 10 percent over last June to $500,000 – an all-time high.
Seattle continues to have the greatest shortage of inventory in King County, with just over two weeks of available homes on the market (3-6 months in considered balanced). Unlike the outlying areas of King County, Seattle has very limited land for new development. High demand from relocating tech workers helped drive home prices up 15 percent to $575,000.