King County Home Prices for July 2012 [Video]

Here is what was happening for King County Home Prices for June 2012. Prices are rising in some areas, falling still in others, but the market is HOT and inventory is low. Its a Seller’s Market. Find out more by watching this video.

King Country Home Prices for July 2012:

Video Transcript:

Hey, what’s going on everyone? Anton Stetner here with the Real Estate
Solutions Group. Thanks for joining us. We’re going to talk about King
County home prices, values, stats, trends, all of that jazz for July.

Hey, the market has bottomed, almost. It’s kind of depressing. Snohomish
County is, to be perfectly honest, showing you guys up here in King County,
because they have officially bottomed. You guys are just getting close, and
here’s what I mean by that. When we look at the year-to-date numbers, the
average price is still down 1.9%, with the median being up 1.4%. So, once
again, it’s nearing the bottom of that trough, but not all the way through.

When we look at July versus July, your average price is up 1.3% and the
median up 6.7%. Still in the hardcore sellers’ market here in King County
at 2.4 months’ worth of supply. We really expect that to continue. Every
time we turn on the multiple, what we’re specifically looking at is we’re
looking at the whole state, and we can see that the pendings are outpacing
the actives coming on.

So we continue the trend of getting tighter. Once again, we feel this is
kind of the artificial sellers’ market we’re experiencing right now, due to
the lack of foreclosures. Okay? But we do feel an inventory shortage will
definitely be coming even more in the future as we work through these
foreclosures and we lack the new construction being built.

Sales year-to-date is up 14.4%. What’s very interesting is when you look at
the prices under $400,000, is under $400,000 you’re seeing multiple offers.
You saw over half of the inventory turn over again. So you’re seeing a very
rapid market. Be prepared to get into multiple offer situations, and we
recommend watching our video about strategies on how to deal with multiple
offer situations.

Still down, Woodinville Shoreline, and actually I just wrote the boonies.
There are so many places in King County that are just located out in the
middle of nowhere and that are still actually down. What’s really positive
and up is kind of the Eastside, and no I’m not talking all the way to the
boonies Eastside, so this doesn’t include your North Bend, and the Seattle
Metro.

So the Eastside and Seattle Metro is what’s causing the King County whole
market to turn. We look at that as the center of the onion. They start to
get better first. It moves out from there. As we take a two-year look, you
can see the for sales are down 39.1%, under contracts are up 97%, unsolds
are up 56.9%. So the market is getting better, things are getting tighter,
and we’re going to have a lot of fun.

Hey, I’m Anton Stetner with the Real Estate Solutions Group. Subscribe
above. Comment below. Let us know if you need to know the price of your
home, and we’ll update you as we go. Thanks.

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