Median Price Dips, Inventory Remains Tight

Posted: August 19th, 2015 by Brad

King County’s median home price decreased from its record high of $500,000 in June to $485,000 in July. Pent-up demand continues to fuel home sales around Western Washington.

“All indicators are that the current momentum in sales volume will be sustainable throughout this year and well into 2016. In short, we remain very busy with five or six qualified buyers for every saleable listing.” Those buyers include families who are relocating due to employment transfers and military families who were based here and have decided to make the Pacific Northwest their home, according to Northwest MLS broker Diedre Haines.

King County continues to have the tightest supply with less than 1.2 months of inventory. Several neighborhoods have less than a month of supply. Here’s how to analyze this data:
>6 Months of Supply = Buyer’s Market
4-6 Months of Supply = Balanced Market
<4 Months of Supply = Seller’s Market

Broker say some sellers hesitate to list their home for fear of not being able to find a replacement. Despite that reluctance, Northwest MLS members added 11,198 new listings to their database last month, marking the fourth consecutive month of replenishing inventory at the level of 11,000 or more.

“This market is frustrating for buyers, homeowners who are considering a move, and brokers,” admitted Northwest MLS director Kathy Estey. “Buyers are tired of making offer after offer and being defeated by a higher or cash offer,” she lamented.

Veteran brokers tend to dismiss speculation of another housing bubble.

Commenting on the possibility of a “bubble market,” MLS director Darin Stenvers believes it is unlikely. “With broader government controls and enforcement of new banking/loan programs, the underlying instability is now gone.” Buyers are feeling confident that “home ownership is still the best investment they can make right now, and homes are still within reach for most segments of the market,” added Stenvers.

Curious about current market conditions in your neighborhood or what you’re home is worth? Give us a call today for your complimentary, no obligation consultation 866.766.7325.

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