Inventory, pending sales and home prices all increased in June compared to a year ago according to the latest NWMLS Market Update. The update also reported drops in the volume of new listings and closed sales. System-wide, prices increased more than 3.5 percent from 2018; from $425,000 to $440,000. Only four counties registered declines: Douglas, Ferry, Jefferson and King.
King County’s inventory grew nearly 32 percent, up to 1.77 months versus 1.29 months in June 2018. Neighboring regions both north and south of Seattle are continuing their recent growth as buyers are increasingly becoming outpriced of Seattle and seeking more affordable neighborhoods—in addition to willing to deal with traffic.
In June, the median for single family homes and condos in King County was $637,675. Meanwhile, the median for Pierce County was just 58 percent of King County’s at $372,500—and Kitsap only 60 percent at $387,000. In Seattle, the median home price fell 3.9 percent from a year ago to $781,000—down from May’s median of $784,925.
There could 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.