North King County Quarterly Market Trends
It is the time of year when our market starts to take off. Spring is here and we are starting to see seasonal increases in inventory. In fact, there was a 55% increase in new listings in March compared to February. That increase was followed by a 41% rise in pending sales, illustrating very strong demand for housing in your area. Last month, the average list-to-sale price ratio (the amount the sale price topped the list price) was 106%, indicating that multiple offers were the norm. We ended the quarter with 0.6 months of inventory based on pending sales. More inventory would be absorbed by happy buyers looking for more selection and would help temper price growth, which is up 14% year-over-year.
North King County real estate has a very high premium due to close-in commute times and desirable neighborhoods. In fact, the median price in March was $808,000, up 4% from the month prior! Sellers are enjoying amazing returns due to this phenomenon, and buyers are securing mortgages with minor debt service due to low interest rates. This is a very strong seller’s market, but buyers who are securing a home are already enjoying appreciation in equity.
Do you know what your home is worth? This is an example of an actual home that was sold in 2014 and again in 2018, with no remodel or significant improvements in between – for a resounding 42.85% increase in value! This is actual, pound-for-pound appreciation in north King County. Since 2014, home values in the greater Seattle area have grown over 10% each year. Contact me if you want to chat about your home’s value!