King County Home Prices for June 2012 [Video]
King County Home Prices. Learn where the market is going, what is affecting King County Home Prices and why. Should you buy or sell your home? Anton will help explain these numbers!!
This is a class on WA Real Estate Statistics where we dove into King County Real Estate Statistics and the market. How the market is being affected by Bank Owned Properties, Short Sales, the Economy, etc. and When did King County Real Estate Peak? Read on and watch the video to get the answer!
King County Graphs and Pictures Used for this Presentation:
King County WA Home Prices Video:
Hello everyone. I’m Anton Stetner with the Real Estate Solutions Group. Thank you for joining us today.
We’re going to talk about King County home prices for June and basically what’s been happening in the market. We’re getting asked these questions on a regular basis. Hey, have prices stabilized? Is the market bottomed out? Or has the market bottomed out? I guess that would be better English. You get the idea. Appreciation, are we going to see any?’ How is the market doing?
Well, let’s talk about this. Price stabilization, we’re actually starting to see price stabilization in some areas of King County. Has the market bottomed? We hope, and it feels like a bottom. What will be the test though is going to be time. You don’t know if you’ve reached the bottom until you pass through it and you’re on the other side. It feels like the bottom. However, it could be a stepping stone.
Appreciation, should we expect to see any appreciation? Not really, but we might see some mild appreciation.
Now, how fast is the market moving? The market is moving fast like with three exclamation points fast. That’s how fast it’s moving.
Okay, so the market has been moving fast. I’m talking 2.4 months’ worth of inventory. That’s probably the lowest we’ve been since 2005. Expect a lot of activity.
Year-to-date we’re still down 2.6% in price. When we look at June of 2011 versus June 2012, you’re seeing it up 2.5%. The median price is up 0.9%, and oh, look at that, up 9.2% if we compare June versus June.
Ballard and the U District, they’re both showing up in the median price and in the average price with 1. 4 months’ worth of inventory. So it’s going to be tight, tight, tight.
In King County, if it was under $400,000, over half of the inventory turned over in the last 30 days.
Another thing to look at is kind of our two year perspective. In the last two years, the number of For Sale properties is down by 38.5%. The number of under contracts is up by 100%, and the solds up by 33.5%. What this means is that if you’re a seller, now is a good time to sell. If you’re a buyer and it’s under that $400,000, expect to be in a multiple offer situation or to put your best foot forward with your best offer.
I’m Anton Stetner with the Real Estate Solutions Group. Subscribe above, comment below, and we will update you more as we go.
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