In January, King County's median prices were down 2% from last year. Better than last months year over year comparison of 5%. Sammamish continues to be faring the best with prices remaining stable all through last year. On the low end are Bellevue condos which are down 16% from last year and Renton's market is down 15%. This year is starting out on a good trend for stabiliztion in more areas.
Six months of inventory is a balanced market. Less than that is a seller's market and more is a buyer's market.
Inventory continues to drop from last year and last month. The North Seattle neighborhoods have as low as 2.7 months supply of houses for sale and only 2 months supply of townhouses. I am definitely seeing more of a seller's market come into play here. We still have a buyer's market with Shoreline houses at 8.2 months supply and Bellevue condos at 8.9 months supply. Overall for King County, inventory is at 4.9 months supply for houses in and 5.9 months for condos.
Short Sales and Foreclosures:
King County's short sales and foreclosure active listings are about 31% of inventory. On the low end is North Seattle with only 18% of active listings being distressed sales and Kirkland condos are at the high end at 72%. Foreclosures and short sales are slightly up from the past few months, however word is the banks are planning to rent more of their foreclosed properties until prices come back. This will help lead to more stabilization.