Welcome back to my blog! Here’s your latest monthly market update.
When most people look at the latest real estate market stats for our area, they focus on the year-over-year median sales prices drop from $689,950 in March 2018 to $667,725 in March 2019—a 3.22% decrease.
But what they’re not seeing is that there are other areas that have had a more drastic change in their median home price—either up or down. Today I want to dig a little deeper to see what else you should keep your eye on in the market.
One trend to watch is our months of inventory. For the entire King County area, we’re still below two months of supply, and even in some of the areas that have had a drastic change in median home prices, it’s still a seller’s market.
For all of King County, we’ve also seen the total number of active listings for March 2019 double over March 2018, going from 1,687 to 3,277. This is a 94.25% increase in the amount of available inventory.
“I absolutely recommend that you get ahead of this market because conditions could change really quickly.”
So, even though the median home price hasn’t changed all that much, we’re still seeing a lot more inventory to choose from. As we move forward, much of that inventory will be absorbed by the market, and we’ll continue to remain in a seller’s market.
Personally, I see advantages for everybody in our market. Sellers can know approximately what they’ll get for their homes. It may not be as crazy of a bidding war as it was in previous years, but it’s still a solid market to sell your home. If you’re looking to buy, there are now many more options to choose from.
For those planning to buy or sell, I absolutely recommend that you get ahead of this market because conditions could change really quickly. If the inventory stays the same and we continue to absorb our active listings going through the spring, it might be a tight summer.
If you have any questions, please feel free to reach out to me. I’d be happy to advise and guide you through the steps to achieve your goals.