Today, I will be looking at market data and comparison between King County and Snohomish County for a macro overview of the market, as well as looking forward at possible trends moving into the end of 2014 and early 2015. In August 2014, 2582 homes were sold (AKA, closed) in King County, this does not include pending/contingent sales. The graph below demonstrates months supply of inventory as well as list price/sale price ratio.
In August, King County had 2.3 months supply of inventory, up slightly from July. As of September 15th, 2014 we are slightly lower than 2.3 months supply and are hovering at 2.0 months supply.
August matched July in average days on market and sellers continue to get close to 100% of list price. September is showing no signs of slowing down like it has historically and will be interesting to see what it looks like at the end of the month as we move into October.
Now, lets look at Snohomish County….
As of September 15th, 2014 Snohomish County has 3.4 months inventory, which is up slightly from 3.1 months inventory in August.
Snohomish County is has also seen consistency in sale price/list price as well as hovering around 45 average days on the market.
It may seem like King County is where the hotbed is, home prices are at and in some areas exceeding the prices at the peak of the market and are selling at the speed of light. What is interesting about this and good news for Snohomish County is this type of market will not carry on this way forever. Markets ebb and flow and Snohomish has room to grow and improve, which I predict will continue through next year. Right now, purchasing in Snohomish County allows for more immediate equity in the purchase of a home as well as appreciation as the greater Seattle area continues to see record job growth as well as one of the top 5 places to live in the United States.
Why are we seeing such a demand in the housing market? the Northwest Multiple Listing Service’s data shows that the top four reasons for the booming market are foreign investors coming into the area, job growth, low interest rates and overall market stability. It is a VERY exciting time to be involved in the real estate market. Please contact me at firstname.lastname@example.org or 425.324.0302 if you or someone you know is interested in buying/selling home or you have any questions as they relate to real estate.