Lennox Scott, chairman and CEO of John L. Scott Real Estate says the housing market continued to be frenzy hot in June but there was a short breath of fresh air for home buyers.
More inventory came on the market, and that, coupled with the continuation of historically low interest rates, brought some welcome relief to the backlog of buyers who have been waiting to purchase a home. The median home price in King County jumped from $560,000 in May to $573,000 last month and price appreciation continues to be extremely positive.
“We are seeing fewer multiple offers for each new listing,” Scott said in a media release. “However, we are still seeing 80 percent of new listings sell within the first 30 days in the price ranges where 90 percent of the sales activity is taking place. Buyers are poised and buyer ready, and are taking advantage of the increase in inventory by snapping up every available new listing.”
Scott says the market is also encouraging for homeowners who have been considering a move. It’s a cause and effect situation; they find a home to buy and then put their home on the market, thus adding to the inventory, and so forth. The best opportunity for buyers to purchase will be within the next four month because of the inventory increase and lower interest rates.
Looking forward, Scott expects to see this frenzy market of sales activity for at least another 12 months.
The sales of luxury homes continues to be brisk in areas close to job centers and condo sales in King and Snohomish Counties is hot, with inventory hovering at less than one month’s supply.
In King County, which accounted for about 40 percent of the sales, the median price surged 13.3 percent from a year ago, rising from $450,000 to $510,000, according to Northwest Multiple Listing Service. For single family homes only (excluding condos), prices in King County rose 14.7 percent, from $500,000 to $573,522. Condo prices skyrocketed nearly 22 percent compared to a year ago. The median sales price last month was $350,000; 12 months ago the buyer of a median-priced condo in King County paid $287,000.
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