Seattle Prices Fall - But the Sky isn't!
Updated: Feb 21, 2019
KING COUNTY REAL ESTATE MARKET UPDATE | FEBRUARY 2019 |
A trend started in October 2011 that had Pending Home Sales outpacing New Listings to come on the market, placing constraints on the number of available houses for sale pushing home prices to record highs. This trend reversed May 2018 and continued for 4 months which may indicate that home prices have peaked after 6 years of record low inventory.
However the fourth quarter of 2018 showed signs that the market is still short of healthy levels of inventory. As of January 2019, prices are down 14% in King County and 10% in Snohomish County from their peak in June of 2018. We think this is a short term price correction, as inventory levels remain historically low and February home sales are out pacing new inventory to come on the market, so the shortage continues.
This took a little wind out of the sails, which is a good thing. They market was too heated and the price increase levels were not sustainable long term.
While we did see an up-tick of inventory to come on the market last summer, there is still not enough homes on the market to meet demand. We are still seeing multiple offer situations and homes that are priced competitively are selling quickly.
If you are thinking of selling this year, the sooner the better! Call us today for a FREE market valuation. Selling homes in the Puget Sound for 30 years! You can be confident working with seasoned professionals that know all the tips and tricks to get top dollar for your home!