Market Update - King County Home Prices Continue to Fall

Home prices across King County have fallen 12 percent since last spring’s highs according to the latest NWMLS Market Update. In King County the median single family home and condo prices were up 0.6 percent in December compared to the end of 2017. This was the smallest annual gain since early 2012.

In Seattle, the median price was down $91,000 from its spring high to $739,000. The downtown Seattle condo market also saw prices decrease about 10 percent. Meanwhile, prices on the Eastside fell 3.1 percent compared to the year prior—the first year-over-year decline since 2012. Home prices were down $69,000 from its high earlier in 2018 to $909,000.

As for inventory, the NWMLS’ 23-county market area fell below two months of supply for the first time since July. Five counties recorded less than two months of supply at the end of 2018: Kitsap, 1.48 months; Pierce, 1.52 months; Snohomish, 1.53 months; Thurston, 1.58 months; and King, 1.71 months.

Despite the appearance of shrinking inventory, “condo inventory surged, notably in King County which now has more than four times the number of condo listings than 12 months ago.” Some of the decrease in inventory can be attributed to the holiday season as some homes come off the market and others wait to come on until after.

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