|Real Estate Market Overview|
Our Greater Seattle / Bellevue / King County real estate market is continuing to look solid, with median prices on both condominiums and single family homes holding pretty steady for nearly 7 months now. Inventory continues to drop in both categories, as does Months Supply. Closed Sales in both categories showed an uptick in October, which may well have been pushed by the pending expiration of the First-Time Homebuyer tax credit - which has just now been extended and expanded. Even with that new tax credit, we should expect to see some seasonal slowdown for the winter months, but hopefully not the knockdown of last winter that drove sales way down and let inventory pile up to a 15 months supply.
|Current Market Statistics|
The links below provide a graphical summary of Real Estate Market Statistics for the Seattle/ Bellevue/ King County area over the most recent 2+ years, for single-family homes and for condominiums. The volume of residential sales would normally be seasonally slowing a bit through the Fall and Winter months, but the tax credit effect has has kept things moving. The number of single family homes (residential stats) available is staying well below 2007 and 2008 levels. Condominium Months Supply has finally fallen below 8 months, and residential Months Supply is down to 5. We are starting to hear of more multiple offer situations, indicating both reality in seller pricing and rising competition among buyers for the good properties. Here's the charts for the current stats through October: (Required disclaimer: Statistics not compiled, reviewed or verified by the Northwest Multiple Listing Service)
The number of sales transactions closed for single-family homes continued to run above 2008 levels, now five months running and feeling pretty solid, and condominium closed sales have finally also caught up with 2008 levels. Of course from here on we would expect very favorable year-over-year comparisons as these months a year ago were the crash months, with abnormally low activity. Hard to fault buyers then for being hesitant when the whole economy seemed to be crashing down around our ears.
Originally posted on Greater Seattle Homes Blog