King County Real Estate Market for September 2012 [Video]

The King County Real Estate Market has bottomed for now and the prices are showing a slight increase and big month over increase. Inventory is really low, creating this increase in prices, high demand, and multiple offer situations. A sellers market is where we are at right now. 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 Real Estate Market for September 2012 Video:

Video Transcript:

Hey, what’s going on, everyone? Anton Stetner here, with the Real Estate
Solutions Group. Today we’re going to talk about King County, the real
estate market, and what’s happening there and in the surrounding areas.

The market has bottomed, and I know a lot of you are feeling this and
seeing this. Sales are up 14.6% year-to-date. The average price is
showing up .3% year-to-date. Now I know that it’s not that much, but it’s
still not a negative number, and 8.7% for September, 2012 versus 2011.
That is a big month over month jump, and then the median price is up 3.1%,
with 6.8 in September. And one of the reasons the median is probably up,
is that upper price range is starting to see definitely some stability
there in King County, which is pulling that median up, the median being the
middle. So when we see more activity in the upper end, it pulls that
median higher.

What’s happening is our time, our days on market, the DOM, is down 9.9% to
56 days. The market is moving really fast, inventory down 2.8 months.
We’re right now in the middle of a seller’s market. Woodinville,
Shoreline, southeast end of King County, and I’m talking Sumner, Black
Diamond, those areas out there, those are still trending in a downward
direction right now. Lake Forest Park, Seattle, Bellevue, Kirkland, the
Redmond area, that over there on the eastside, all of that is definitely
trending now in an upward direction.

What are our conclusions for what’s happening, specifically right now?
We’re in a hardcore seller’s market, with inventory being lower in some
areas than it was in 2005. We’re talking really fast moving. Rising
foreclosures again, but it’s not going to be enough inventory, because I
think there’s a couple reasons. Even though foreclosure activity has
essentially doubled and tripled in some areas, since the beginning of the
year, the rising foreclosures is just because activity is so high, it’s not
going to be able to put that big of a dent in the demand. And also, we
feel that a lot of those foreclosures are now moving towards more things
like workouts, and loan bonds, and short sales, that will get dealt with
nationally, so you don’t show up as an actual foreclosure or an REO on the
market.

Fifty percent of the inventory under 300K turned over in the last 30 days.
That is a very rapid market for things that are below that median price
there. And we’re starting to see, I mean not starting, we have been
seeing, and will continue to see, multiple offer situations for well-priced
inventory. We recommend checking out our video about what to do in
multiple offer situations. We see the multiple offers and the low
inventory continuing here for the near future. Great time to be a seller.
If you weren’t getting that value that you were looking for last year, you
may be able to get it now. If you’re priced well, we can pretty much
guarantee you’re going to definitely get some activity. If you’re under
400, you’re probably going to see multiple offers, especially if there is
no inventory.

I’m Anton Stetner with Real Estate Solutions Group. Subscribe above,
comment below. We will update you more as we go. Thank you.