For the first time Since September 2017 King County has more than a month’s supply of inventory. According to the latest NWMLS Market Update this is only the third time since October 2016.
The three other Puget Sound counties also reached one month as well: Snohomish with 1.00 months, King with 1.12 months, and Pierce with 1.24 months. Area-wide inventory is at 1.44 months, still below the 4 to 6 month gauge of a balanced market.
Although we’re seeing an increase in inventory, home prices were still on the rise and breaking records throughout the area. Within the NWMLS the median price for residential listings increased nearly 11 percent, reaching a new record high of $420,000.
A new record was also set for the median price of a single-family home in King County. In May the median reached $726,275, surpassing April’s record of $725,000. Seattle’s median home price was also up 14% to $830,000 setting yet another record after the previous high of $819,000 in March and April.
The record-breaking also stretched over to the Eastside where the median home price increased 10 percent from a year ago to $960,000, topping its previous high of $950,000 set in February.
The area’s job market, heavily influenced by the growing tech industry, continues to keep demand high and inventory tight. After all, Seattle is the fastest growing city of the last decade. It will be interesting to see what effect Seattle’s head tax will have on jobs and whether or not employees choose to relocate to the eastside or elsewhere.