Local Market Update - November 2019
[et_pb_section fb_built="1" _builder_version="3.22"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text _builder_version="3.27.4" background_size="initial" background_position="top_left" background_repeat="repeat"]
A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking about putting their property on the market can expect strong buyer interest.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version="3.26.6"][et_pb_column type="4_4" _builder_version="3.26.6"][et_pb_tabs _builder_version="4.0.6" animation_style="fold"][et_pb_tab title="EASTSIDE" _builder_version="4.0.6"]
As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled primarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single-family home price in October was stable as compared to the same time last year, rising 1% to $900,000.
[/et_pb_tab][et_pb_tab title="KING COUNTY" _builder_version="4.0.6"]
King County’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single-family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably-priced south end of the county saw double-digit price increases.
[/et_pb_tab][et_pb_tab title="SEATTLE" _builder_version="4.0.6"]
Seattle home prices took their largest year-over-year jump in 12 months. The median price of a single-family home sold in October was up 3% from a year ago to $775,000, a $25,000 increase from September of this year. Seattle was recently named the third fastest-growing city in America. Real estate investment is surging. A growing population and booming economy continue to keep demand for housing –and home prices—strong.
[/et_pb_tab][et_pb_tab title="SNOHOMISH COUNTY" _builder_version="4.0.6"]
Both the number of home sales and home prices were on the rise in Snohomish County in October. Overall homes sales increased 7%, and the median price of a single-family home rose 5% over a year ago to $495,000. Supply remains very low, with just six weeks of available inventory.
VIEW FULL SNOHOMISH COUNTY REPORT
[/et_pb_tab][/et_pb_tabs][/et_pb_column][/et_pb_row][et_pb_row _builder_version="3.26.6"][et_pb_column type="4_4" _builder_version="3.26.6"][et_pb_divider _builder_version="3.26.6"][/et_pb_divider][/et_pb_column][/et_pb_row][et_pb_row column_structure="1_2,1_2" _builder_version="3.27"][et_pb_column type="1_2" _builder_version="3.27"][et_pb_code raw_content_last_edited="off|desktop" _builder_version="4.0.6" hover_enabled="0"][/et_pb_code][/et_pb_column][et_pb_column type="1_2" _builder_version="3.27"][et_pb_code _builder_version="4.0.6" hover_enabled="0"][/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version="3.26.6"][et_pb_column type="4_4" _builder_version="3.26.6"][et_pb_text _builder_version="4.0.6"]
This post originally appeared on GetTheWReport.com
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]