For both single-family homes and condos in our market, inventory is down and prices are up.
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What are the latest statistics from our King County MLS?
From the end of January 2018, inventory for single-family homes is down 20% compared to where it was at this time last year. The median sale price for single-family homes is currently $628,000, which marks a $103,000 increase since January 2017.
If you have $103,000 worth of appreciation, that equates to nearly $8,300 per month, so if you’re thinking of waiting to buy a home so you can save some more money, ask yourself: Can you save over $8,300 per month?
In the condo market, we’re seeing 16% less inventory now compared to the end of January 2017. The median sale price is $380,000, which is roughly a $70,000 increase since the beginning of last year. That equates to roughly $5,800 in appreciation each month.
“Our market is moving quickly.”
These statistics are staggering. Our market is moving quickly, and here’s another statistic you might not have thought about: 82% of all listed homes in Seattle sell within their first 30 days on the market. In a normal market, it’s closer to 30%. That’s a high number, but it still means 18% of homes don’t sell within their first 30 days on the market, so there’s still plenty of opportunity for buyers and sellers.
There are a lot of steps involved in buying or selling a home, so if you’re thinking about doing either or you have any other questions about our market, don’t hesitate to reach out to me. I’d love to help you.