Increasing Inventory for Seattle Home Buyers
In comparison to last year, the price of a single-family home in King County has increased by 15 percent at $726,275. On the Eastside, the median price of a single-family home reached $960,000 for May 2018. That is a 10 percent increase from the previous year. Interestingly enough, inventory has also increased greatly over the past two months providing some relief to buyers who have been very frustrated with this crazy market. According to the Seattle Times, “total active listings in King County went up for the second month in a row after years of declining inventory, increasing 36 percent in May compared to the previous year.”
As the job market in Seattle continues to rise and increase demand for homes, the inventory must increase exponentially to be able to meet the demand and we are not expecting that to happen any time soon. Not only are home prices rising, but so are interest rates which also continues to influence the market.
To read the full Seattle Times article, click here.
