Finally some good news for house hunters. The volume of new listings during June was the highest total for any single month since May 2008, according to the latest numbers from the Northwest Multiple Listing Service. With the pace of sales slowing and the number of multiple offers moderating, this expected “summer slowdown” could yield a successful purchase for weary shoppers.
While sales slow, the news for sellers continues to be good, with the median price of a single family home in King County jumping 13.9 percent over last year, to $653,000.
- The median price for a single-family home in Seattle reached $750,000.
- The Eastside beat an all-time high with median prices rising to $885,000.
- Pierce County prices rose to a median of $317,000.
- Kitsap County’s median price rose to $335,000.
- Snohomish County’s typical home now costs almost $500,000.
- Condo inventory continues to decline, with prices continuing to rise throughout the region, with the average price in Seattle now at $475,000.
Prior planning and decisive action are necessary for prospective buyers come out on top. While being pre-approved for a loan used to be enough, being pre-underwritten is now the desired norm.
As always, working with a seasoned agent with strong knowledge of market conditions is the key to a successful sale or purchase.