Market Outlook – February 2019
Homebuyers are creeping back into the residential real estate market in 2019, with pent up demand and improving interest rates. In fact, January pending sales in the NWMLS area were down only 3.2% year over year, and January 2018 was a very strong seller’s market considering the seasonality of the winter months. Buyers are finding a more receptive environment in a more balanced market, where in previous years the market was shifted towards the seller’s favor.
King County January inventory is sitting at 2.34 months, which is an increase from a year ago level of 0.92 months. Snohomish County inventory sits at 2.00 months, an uptick from 0.80 months in January 2018. Pierce County is trading tight, at 1.81 months inventory, an uptick from a year ago volume at 1.36 months.
The number of closed sales (SFR Condo) in King, Pierce, Snohomish, and Kitsap Counties was still a healthy 5,472 units in January 2018. This volume was was similar to January 2018, which traded at 5,484 units.
Pricing in King County is down slightly from a year ago for SFR, dipping 2.9% from a median of $628,000 in January 2018 to $610,000 in January 2019. Median prices are up in both Pierce, Kitsap and Snohomish County from a year ago, and for the area-wide NWMLS- prices are up 5.4% from a year ago.