Home sales were relatively the same last month from last year. There were 1,466 completed transactions during December. Inventory levels are at their lowest since December 2006 which seems to be leading to stable home valuations. Inventory is down 25% compared to a year ago.
There was a dramatic 8.5% drop in the median price in October. Since then, median home prices have been relatively unchanged at $320,000.
For King County overall, the supply is approximately 3.75 months, down from 4.2 months, which favors sellers.
The median home price of ‘standard resale homes’ was $380,500, Short Sales were $273,500, and Bank Owned $200,000.
Foreclosures and short sales continue to cause downward pressure on prices. Many would-be sellers are still wary of the market and, as a result, there are fewer homes for sale. At the same time, there are a lot of trapped would-be sellers creating pent-up supply. Also, there are some buyers who are eager to strike while the iron is hot, so in some areas, homes are selling before many buyers even have a chance to react.