June Neighborhood Update / Eastside Equestrian Life

• The number of homes for sale in King County was up 11 percent over a year ago, but inventory is still quite low. There was less than a two-month supply of homes available in May. Four to six months is considered to be a balanced market.
• Lack of supply continues to drive prices up. The median price of homes sold in King County in May was $442,250, up nearly 6 percent from a year ago. Home prices on the Eastside increased 10.5 percent from last year to $619,420. Seattle’s median price was $490,000, up 6.5 percent from a year ago.
• Inventory is particularly low in desirable locations. Sellers with homes in hot neighborhoods can expect multiple offers and escalation clauses on homes that are well-priced and move-in ready.
• With competition for homes so strong, buyers need to be fully approved for financing before making an offer, and should work with their real estate broker on strategies for handling multiple offer situations.

Read the Seattle Times May home sales story

If you’d like information on your specific neighborhood, give me a call and I’ll be happy to send you a report.