A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking a bout putting their property on the market can expect strong buyer interest.
As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled p rimarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single – family home price in October was stable as compared to the same time last year, rising 1% to $900,000.
King Co unty’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single – family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably – priced south end of the county saw double – digit price increases.