The number of closed sales reached a 12-month high in July according to the latest NWMLS Market Update. Prices rose nearly 3.6 percent year-over-year, however, they declined about 2.9 percent from June.
Area-wide the median price for completed transactions was $429,000 compared to $415,000 a year ago. The median price for single-family homes excluding condos was up 3.5 percent from 2018 to $440,000. Meanwhile condo prices were down less than one percent from last year to a median of $350,000.
When it comes to new construction, 945 residential homes and condos were sold last month, and 12.6 percent increase from July 2018. The median sale price for new construction homes was $549,950.
As for inventory, King County’s was up from a year ago, but decreased slightly from June to 1.75 months. Kitsap, Mason, Pierce, Snohomish, Thurston and Whatcom counties all reported less than two months of inventory as well. The number of condo listings continues to grow in King County as they are up 39 percent from a year ago.
Markets surrounding the King County continue to heat up as buyers are continuing to seek more affordable neighborhoods—even if that means having to deal with longer commutes.
There could also be a rise in the number of listings priced at $1.5 million or higher due to changes to the Washington State Real Estate Excise Tax (REET) that are set to take effect in 2020. The state currently taxes most property sales at 1.28 percent of the selling price, while the new proposal will create a graduated structure.