King County Housing Inventory Extremely Low

The NWMLS just released the King County residential real estate statistics and the hot topic is inventory is extremely low. King County single family homes for sale (excluding condos) are down 43% since last year.  At the end of November there were 3,720 listings for sale in the county compared to 6,487 last November.

This lack of inventory is causing prices to increase, median prices are up 20% from last November ($424,900 vs. $355,000), and average days on the market to decrease 9% from this time last year (115 days vs. 126 days).

Most real estate experts believe the reason for the low inventory is rental rates continue to rise and even with the recovery in pricing home values are still only matching what the prices were in early 2005.  Thus if you bought your house any time the last 8 years, it is likely better to stay in your home if you can.

Questions about the Greater Seattle real estate market, contact Ewing and Clark.