Despite an increase in inventory in May, single-family home prices have reached new highs. The Seattle Times reports, "The median price of a single-family home in King County was $726,275 in May, surpassing the record high of $725,000 set in April and up 15 percent compared to the previous year." In Seattle, the median home price is up 14 percent from a year ago and set a new record for hitting $830,000 in May. The Eastside was also setting records, with prices increasing 10 percent year-over-year from $950,000 to $960,000 in May.
Meanwhile, "The median price for a Seattle condo in May was $535,000, a year-over-year growth of 21 percent" states The Seattle Times. The Eastside saw an 18.3 percent increase year-over-year and went from $410,000 in May 2017 to $485,000 in May 2018. The closed sales on condos in Seattle and the Eastside both went down year-over-year, as well. In Seattle, the number decreased 13.7 percent and on the Eastside closed condo sales decreased 7.5 percent.
In Kirkland-Bridle Trails, the median home price rose 38.9 percent year over year and hit $1,372,000 in May 2018. The total number of homes sold between May 2017 and May 2018 was just 75. In Queen Anne-Magnolia in Seattle, the change year-over-year was +26.2 percent, reaching $1,135,500 in May 2018 with a total number of homes sold over the past year of just 68.
All of this news may seem daunting to those in the homebuying process right now, but rest assured, this market is slowly shifting. For the first time since last September, King County now has more than a month's supply of homes (meaning the number of listings is greater than the number sold in a month). Total active listings increased for the second month in a row, in May, increasing 36 percent compared to May 2017. This increase, more than anything, obviously gives buyers more options in their search; but also creates a little more wiggle room with the competition.
Want to learn more? Contact us with any questions you may have about the buying process.