It is still solidly a buyer's housing market in King County. Inventory is up and median prices are, well, flat....
Both new and active listings of residential and condominium units are up over the same period last year. There were 14,217 total active residential listings in King County through August 2010, as compared to 13,145 at this same time last year. Sellers are becoming more realistic in their pricing, down to an average list price of $556,076 compared to average asking prices of $652,363 last year. Nevertheless, the average SOLD price in 2010 is $431,678; as compared to the average sold price of $428,354 last year. This means, on average, that list prices are still 29% higher than where they need to be in order to sell.
Median home prices in King County hovered around $350,000 ($349,238 in 2010) for both residential and condominium sales. Not surprisingly, days on market have gone up dramatically throughout Washington state, and King County is no exception. While homes took approximately 81 days on market to sell in 2009, they are now taking an average of 122 days to sell in 2010.
What does all this mean? If you are a buyer, there is plenty of inventory from which to choose, prices are more affordable than they have been in years, and mortgage interest rates are at historical lows.
If you are a seller, be realistic about your list price, make sure your house is in pristine, ready-to-show condition, and be willing to offer creative and attractive terms for your prospective buyers.
For more tips on how to beat buyers to the hottest listings, how to sell your home fast and for top dollar, and how to sign up for my VIP Client programs, visit my website at www.HomeLandSeattle.com .
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