Seattle Inventory Rises And Homes Price Dip

Seattle Inventory Rises And Homes Price Dip

The housing market, which has been on a sharp incline since the end of 2012, has finally cooled off here in Seattle, with inventory rising and home sales sliding.

Single-family home prices in King County saw a remarkable run from January to July in particular, when the median price hit $434,000, a 24 percent increase in just seven months.  Then, in August, it slipped almost 1 percent, and dipped by more than 2 percent in September.

The run up in home prices did persuade some homeowners to get off the fence when it came to selling their home this year. Currently, there is a two month’s supply of homes, which is the highest level so far in 2013.

The dip in prices is due, in part, to the rise in mortgage rates and more homes coming on the market. Still, in King County, September’s median price was still up 12 percent over the past 12 months.  What we are seeing is really just a more balance market finally.  

This may leave some homeowners scratching their head when it comes to their home valuation. At the same time, some potential buyers may need some advice when it comes to placing a competitive offer on a home this this new climate. The experts here at Team Troy have a close pulse on the market, and can provide you with an accurate home valuation given the market condition as well as useful home buying strategies. Give us a call: 206-588-8409

Troy Anderson Headshot
Phone: 206-940-2834
Dated: October 11th 2013
Views: 1,532
About Troy: ~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken far...

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