King County Home Prices for August 2012 [VIDEO]

King County Home Prices have bottomed for now and they are showing a slight increase. Inventory is really low, creating this increase in prices, high demand, and multiple offer situations. If you are a seller than that is awesome and if you are a buyer be prepared to fight for properties under $400,000.

King County Home Prices for August 2012 Video:

Video Transcript:

Hello everyone. This is Anton Stetner here with the Real Estate Solutions
Group. Today we are going to talk about, King County home prices for
August, 2012. King County has not quiet bottomed, soon it should. What I
mean by that is when we’re looking at that year to date prices, or year to
date price here for King County is still down point .8 %. I mean that’s
almost, all the way to the bottom. The year to date price for the median is
showing up 2.1%. So we’re seeing an uptick in the median price, but the
year to date and the average is still slightly down.

What’s really happening though, and this is a true story about the market.
Right now the inventory is really low; we’re 2.4 months’ worth of
inventory. We’re had a steady decline in the level of inventory since the
late 2010. Right after the robo-signing started to happen. We’re defiantly
in a sellers’ market, so when you get below five months’ worth of
inventory, sellers’ market. We’re seeing multiple offers.

Now King County switched from a buyer’s market to a sellers’ market
defiantly right here in the beginning of 2012. What’s really interesting
though, is you can see the market is actually starting to slow a little
bit. What we mean by that slowing is that there is no inventory to sell.
So the total number of pending’s has starting to decrease slightly, just
because the buyers aren’t getting what they want. One thing we do expect
though is that if you are making an offer and you’re a buyer and you are
below this $400.000 price range; expect to be in a multiple offer
situation. That means you’re going to have to put down good earnest money,
some good down payments. You may have to remove some of your contingencies.
Sellers the best thing for you to do is, get your house cleaned up. Get it
put on the market right away, because we don’t know how long this is going
to last.

One thing that’s been happening in King County is that the total number of
trustee sales, AKA foreclosure properties coming, has double since the
beginning of the year. So we are seeing foreclosure activity pick back up.
We do believe though that probably some short sales, loan mod’s,
forbearance’s, and principle forgiveness and/or reduction, will take away
from this foreclosure inventory so we’re not going to see a tidal way. But
we don’t expect the sellers’ market to stay as strong as it currently is.
We expect it to slow down just a little bit.

If you’re under $400,000 we saw 50% of the inventory turnover in King
County. That’s very fast, very rapid. Once, again multiple offer
situations, if you’re priced, correctly, and priced inside that market.
What’s happening in some very specific areas, is year to date, the average
price is up on the east side. So I’m talking the Redmond, Bellevue,
Kirkland, Medina, and Mercer Island. Those area’s specifically Issaquah,
Sammamish. Those are seeing year to date prices being up in bulk. There are
a lot of job activities in those areas.

Prices that are still showing down we’re seeing that in Shoreline, Retain
Highlands, Des Moines.

There are other parts of the market that are just kind of flat. But overall
the market is showing signs of improving, we’re still in a sellers’ market.
I’m Anton Stellers with the Real Estate Solutions Group subscribe above,
comment below, we will update you more as we go. Thank You.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *