According to the NWMLS, single family homes in King County (excluding condos) had a median sale price or $314,000, 10% below last years $349,900 for completed sales. While low interest rates and abundant selection are making for good buys, tighter credit and the elimination of seller funded down payment assistance continue to inhibit sales activity.
Across Western Washington inventory is leveling off with pending sales comparable to the last 4 months. 11,415 new listings were added in August compared to 14,500 in August of 2007. There are still 8.1 months of inventory system wide and a 7.4 months supply in the 4 county Puget Sound area. Nationally, there is an 11.2 month supply. 6 months supply is typically considered a “balanced” market between buyers and sellers.
Seven counties showed price gains in August. Median selling prices in Clark, Grant, Island, Kitsap, Mason, Okanogan, and San Juan counties were up in August from the previous month.
With inventory leveling off, prices may be at a point where the market is flattening and becoming more balanced. Stay tuned right here to keep abreast of it all!
