July 2013 Seattle and Eastside Housing Market Update

Filed in How's the Market by on July 11, 2013 0 Comments

Here’s a recap of June 2013 Seattle area real estate trends.  The numbers just released in July 2013 show that the condo market is still extremely tight on inventory, while for houses the low inventory situation is easing up very slightly.

Single family home trends for King County in June 2013:

 

The final sales price compared to the original list price has increased to 99% for single family homes in King County, compared to 93% two years ago.  “CDOM” means “cumulative days on market,” including re-listings.

 

The median sold price for single family homes in King County has increased by 10.9% in the last year, and by 22.3% compared to two years ago.

 

“Months of Inventory” measures how much longer inventory would last if homes continued to go pending at the current rate and no new listings were added.  You can see that the King County single family home inventory is getting slightly higher, but is still in solid seller’s market territory (a seller’s market is considered to be between 0 and 3 months of inventory).

 

Condominium trends for King County in June 2013:

King County condos got hit harder than houses during the recession, but over the past year have been experiencing a very strong comeback.  Notice how the blue line (new listings) does not break away from the red line (pending sales), meaning that new sales are keeping pace with new listings.

 

The sold price compared to the original list price for King County condominiums was 98% in June 2013, compared to 91% two years ago.

 

The median sold price for King County condos has gone up by 13.4% in the last year, and by 16.1% compared to two years ago.

 

Months of Inventory for King County condos is staying steady at just under two months.

 

 

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Irene Nash has been representing Seattle and Eastside home sellers and buyers in real estate since 1999. She and her husband Mike specialize in straightforward communication and providing top-notch staging and photography for every home listing.

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