This November shaped up pretty nicely compared with last November.
Number of homes sold: In King County as a whole, the number of pending sales were up 18.6%. On the Eastside sales were up 18.9%, while Mercer Island saw a 6.3% increase and Seattle experienced a 14.8% increase.
Average sale price: Prices rose 11.4% in King County over the past year bringing the average sale price up to $547,000 county-wide. Prices on the Eastside were up 13% to $732,000. An anomaly due to the few number of monthly sales (and a larger percentage of high-end homes sold), Mercer Island saw a 47.7% increase in the average price of homes transacted this November to $1,626,000. Seattle rose 14.5% to $594,000.
Month’s supply of inventory: This is the length of time (in months) it would take to sell through all available inventory, assuming no new listings came to market. King County came in at 1.9 months compared to 2.4 last year; the Eastside also at 1.9 months compared to 2.4 last year; Mercer Island at 2.6 months compared to 4.8 last year; and Seattle at 1.4 months compared to 1.8 last year. The shortage of homes for sale this year is very evident in these numbers. 3-5 month’s supply of inventory is considered a balanced market.
Read the full report for each area here:
Data prepared and analyzed by Julie Barrows, owner of Windermere Real Estate/Mercer Island. For questions or comments, email Julie at firstname.lastname@example.org.