Here’s your February real estate market update.
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In King County, we’ve seen an increase in the number of homes for sale by 123%. Now, in Seattle, we’ve seen an increase of 131%.
What about the average sales price? Well, in King County, the average sales price decreased by 3.1%, and Seattle dropped by 2.9%.
For King County, we have 2.5 months of supply, which is 2.5% more than we had last year. Seattle has 2.1 months of supply, but they’re up almost 300% from last year!
We all remember what was going on last year, with the multiple offers right and left and crazy frenzies. As fast as homes were selling then, the more inventory we have this year, the less we’ll see that sort of frenzied market. But we won’t know exactly how much of a frenzy to expect until we see what happens in March, April, and May—that will determine the level of inventory and how quickly things sell.
Like I always say: There are a lot of steps to buying and selling a home in today’s market. The one step you need to remember is to give me a call, and I’ll help guide and advise you through the rest of the steps.