King County Housing Statistics May 2021

By
Real Estate Agent with Keller Williams Realty - Bellevue 89879

May showed yet another month of declining inventory and the end result is that with less inventory on the market we continue to have an imbalance of supply and so we find ourselves a market that favors sellers.  In May, the number of total active listings in King County dropped by 42.46% from 3,467 to 1,995 YoY. On the Eastside, inventory decreased 63.22% YoY from May of 2020. This level of inventory decrease isn't normal for spring, but there is still less competition for people wanting to sell their homes.

October Homes for Sale

Pending sales and closed sales increased from May 2020 in King County and on the Eastside. According to our King County Home Sales Report, pending sales across King County increased 30.41% and Eastside pending sales increased 28.57%. 

King County closed sales were up 83.24%  and on the Eastside closed sales increased 102.95%. With the decrease in inventory and how pending sales are looking, more homes may be available in the summer/fall. The median house sales price in King County is higher by 23.6% over last year to $775,000  and the median sale price on the Eastside saw an increase of 21.17% up to $1,100,000.

The Absorption Ratio decreased to .55 in King County and .38 on the Eastside. A balanced market is 4-5 Months of Inventory. There are serious buyers in the market right now, good homes priced well will sell quickly.

For additional details, see the May raw numbers from the Northwest Multiple Listing Service.

The pace of the Market - Market Action Index

Market Action Index

Buyers' affordability remains high, with interest rates around 2.86%!

Median Price for Key King County Cities

  • Bellevue: $1,045,000 up 24.85%
  • Kirkland: $1,100,000 up 10%
  • Redmond: $1,108,000 up 23.11%
  • Seattle: $833,960 up 16.64%

September Median Sales Price

Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this month's home sales report, you will see that King County and the Eastside are top performers!

What does this mean for home sellers?

The market has tightened up,  inventory reduction favors the sellers of good homes.  Homes selling with multiple offers, however, and contingencies are being waived. If you intend to sell your home, let's talk about timing as things are hotter than normal.  If you're considering a sale, please click here for a complimentary market analysis of your home.

What does this mean for homebuyers?

RATES ARE GREAT!!! Competition for the best homes is coming back to the market. Don't be surprised if you have to compete for a good home. 

Home Sales in King County

Below are links to homes available for the King County communities of Bellevue, Issaquah, Kirkland, Seattle, Redmond, and Sammamish.  Just click on the link to your neighborhood for the complete breakdown for today's numbers.

City Search Homes
Homes For Sale in Bellevue, Washington 139
Homes For Sale in Issaquah, Washington 38
Homes For Sale in Kirkland, Washington 110
Homes For Sale in Seattle, Washington 1597
Homes For Sale in Redmond, Washington 66
Homes For Sale in Sammamish, Washington 30


I hope you find this home sales report useful. Please share it with your friends. To find out how much your home is worth in today’s market, please click here for a complimentary market analysis of your home. And if you are interested in selling your home for top dollar, in the shortest amount of time, please contact me anytime at 425-200-4093, or click here to send me an e-mail requesting further information.

Posted by

Five Star Professional 2012

 


by Dan Edwards find me on Google+

The Eastside Real Estate  Team Blog

Dan Edwards provides a superior level of real estate services to home buyers and sellers in the Greater Eastside of the Seattle Area. Visit The Eastside Real Estate Team to search for homes in Redmond, Kirkland, Bellevue, Maple Vally, Newcastle, Issaquah, Sammamish, Snoqualmie and surrounding areas.

 Whether your real estate needs are big or small, know that you can turn to me in confidence to ensure a five star experience!

Dan Edwards, REALTOR, GREEN, CDPE, CNE 425-200-4093

 

 

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Dan and thanks for the market report for your area.  Always good to see what is going on in other areas.

Jun 21, 2021 08:50 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dan, sure looks like King County is experiencing the same low inventory many cities are.  Hope this changes soon!  Great report.

Jun 21, 2021 08:56 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thanks for sharing your King County market update with us Dan. Buyers & sellers in your area would benefit from your services. Have a wonderful day!

Jun 21, 2021 01:18 PM