How Did the Real Estate Market Fair In King County this July?
Let's get into the data for Single Family Homes + Condos, July 2018 vs. July 2017 (Data is from Northwest Multiple Listing Service - NWMLS). I made some graphs for you for those that like your data viewed visually.
And I compared data with the City of Redmond, my personal and professional home base.
If you're not interested in reading everything - the overall synospis is our market is still quite good.
New Residential + Condo Listings
July 2018: 4289
King County July 2017: 4191
Difference: 98 MORE listings this year
Eastside July 2018: 1356
Eastside July 2017: 1421
Difference: 65 FEWER listings this year
REDMOND July 2018: 122
REDMOND July 2017: 132
Difference: 10 FEWER listings this year
SYNOPSIS: There are more new listings this year than last year in King County, however both the Eastside and Redmond have fewer new listings come on in July 2018.
Total Active Residential + Condo Listings
July 2018: 5116
King County July 2017: 3465
1651 MORE listings this year
Eastside July 2018: 1702
Eastside July 2017: 1158
Difference: 544 MORE listings this year
REDMOND July 2018: 128
REDMOND July 2017: 90
Difference: 38 MORE listings this year
SYNOPSIS: There are more total listings this year than last year in King County as well as Eastside and Redmond. This means more homes are on the market in July of this year than last year.
Pending Residential + Condo Listings
July 2018: 3374
King County July 2017: 3787
Difference: 413 FEWER pendings this year
Eastside July 2018: 1016
Eastside July 2017: 1292
Difference: 276 FEWER pendings this year
REDMOND July 2018: 93
REDMOND July 2017: 117
Difference: 24 FEWER pendings this year
SYNOPSIS: There are fewer pendings this year than last year in King County, Eastside and in Redmond. This means less people are putting bids on homes this year than last year.
Closed Residential + Condo Sales
July 2018: 3261
King County July 2017: 3462
Difference: 201 FEWER sales this year
Eastside July 2018: 1041
Eastside July 2017: 1114
Difference: 73 FEWER sales this year
REDMOND July 2018: 99
REDMOND July 2017: 101
Difference: 2 FEWER sales this year
SYNOPSIS: There are fewer closed sales this year than last year in King County, Eastside and in Redmond. However, the closed sales were very close to last year's numbers in Redmond.
Median Sales Price For Residential + Condo
July 2018: $629K
King County July 2017: $599K
Difference: $30K MORE this year
Eastside July 2018: $831K
Eastside July 2017: $775K
Difference: $56K MORE this year
REDMOND July 2018: $800K
REDMOND July 2017: $690K
Difference: $110K MORE this year.
SYNOPSIS: There are median home price is higher this year than last year in King County, Eastside and in Redmond. However, Redmond has impressive increase in values with a 15.94% increase year over year.
Months of Inventory July 2018
July 2018: 1.57 Months
Eastside July 2018: 1.63 Months
REDMOND July 2018: 1.29 Months
SYNOPSIS: Months of Inventory - easily explained: If no more sellers put their homes on the market, it would take that many months to get rid of all the supply. Also, anything less than a 6 months supply is a seller's market. All of Kind County is under 2 months, and Redmond is lower at 1.29 months. We are still in a seller's market. We are experiencing some slowing in the market place. Some of that is cyclical that we get every year. I have other theories as to why it's not as crazy as last year in this blog if you want to read.
MY MARKET SYNOPSIS: So folks, our market is still quite strong, but because of several other factors, it's not as crazy as last year. The inventory is still limited, and there are plenty of qualified buyers out there. If the home is priced strategically, it will sell. If it's not priced well, it will sit on the market longer than a seller may like. I don't expect to continue the double digit price % increases like Redmond saw in July, but I still expect to see increase in values. After all, even in recession periods, houses will continue to raise in value (the exception was our last recession which was caused by the housing market).
Kristin Bushnell is Designated Broker of Bushnell Real Estate Solutions and Co-owner of Bushnell Craft Brewing Company in Redmond, WA. Check out my profile here.
If you are ever interested in chatting about real estate, contact me at firstname.lastname@example.org or call me at 425-559-1355. I'll buy you a beer (or non-alcoholic beverage, if you prefer!), and we can chat about real estate until your heart's content. My team of agents and I are here to help you.