Demand for north King County real estate remains strong due to close proximity to job centers while maintaining a neighborhood feel. Median and Average prices were up 14% over 2016, ending at a Median of $715,000 and an Average of $787,000. This means North King County was 41% more expensive than South Snohomish County and 77% more expensive than South King County. This says volumes about how much people value a short commute!
The average amount of days it took to sell a house in 2017 was 17 days, which is 19% faster than 2016. The average list-to-sale price ratio over the last year was 104%, with the Spring months as high as 107%! Inventory growth continued to be a challenge, with a 4% decrease in new listings compared to 2016. Even with inventory limitations there were a near equal amount sales! This phenomenon illustrates strong buyer demand and a need for more listings. Historically low interest rates continue to drive the market as well, helping to offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with reasonable debt service.
This is only a snapshot of the trends in North King County; please contact me if you would like further explanation of how the latest trends relate to you.