Real estate inventory continues to be low. While new listings outpaced pending sales, it was very close. In September there were 11,373 new listings with 11,318 pending sales. That makes this September the second best September for pending sales in the last 20 years. Therefore, overall real estate inventory is still low with 7,757 total properties which equates to only 3 weeks of inventory. Generally 3 to 6 MONTHS is considered an even market. Homes in King County are especially tight, down 32.5% since last year at this time. Prices in King County are up almost 7%, but outside counties are seeing a great increase. For example, Kittitas County, which starts at Snoqualmie Pass, has seen a 26% increase in price from last September. Condos were hit hard after COVID, but have recovered nicely. Active listings are half of what they were a year ago, with 20% more condos closed in King County and 34% more in Seattle than a year ago. Condo prices are up over 8% in King County.
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Ewing and Clark is Washington State's oldest real estate company. This blog highlights what's going on in the national and Seattle real estate market as well as some of our most unique listings.