Prices up 13% from January
Average sales price for residential homes in all of King County rose 13% from January 2019 to June ($610,000 to $699,725). This may sound like a hyper-market, but prices in January 2018 were only $621,500, so prices fell in 2018 and rose again.
In addition, there is more inventory available, so buyers have more choices. Take a look at the difference between the light green bar (homes for sale) vs. the dark green bar (sold homes). Up until last June 2018, those bars were almost equal each month, meaning everything that came on the market sold. Now there are a few more homes for sale than are sold each month.
June 2019 is a Seller's market
What is a Seller's Market?
*Seller's market: less than 3 months of inventory based on closed sales
Buyer's market: more than 6 months of inventory based on closed sales
Neutral market: 3 - 6 months of inventory based on closed sales
Homes For Sale in June 2019: 4764 units. •Up 4.7% compared to last month•Up 26.4% compared to last year
Homes Closed in June 2019: 2711 units. •Down 1.6% compared to last month•Down 2.4% compared to last year
Home Placed under Contract in June 2019: 2887 units. •Down 0.6% compared to last month•Up 13.6% compared to last year