Market Report: Number of Homes for Sale at All Time Low
Now that December, and 2017, are behind us time to check in on what the real estate market did – it doesn’t look good for buyers! The number of homes for sale was at a record low in December and prices continued to climb year-over-year.
Here’s a look at the three primary indicators, which starting this month we’ve break out by single-family and townhomes versus condos.
Single-family & townhomes:
- The median price was $705k, down, $20k from November, but up 12% from $627,500 from December 2016.
- We saw only 269 new listings (down from 565 in November), which is the fewest number of new listings we’ve ever seen in a month. Last December, we saw 314 new listings.
- The number of homes for sale at the end of December was 331 (down from 569 in November), which again, is the lowest number of homes for sale we’ve ever seen.
- The median price was $502,250, up $47,250 from November, which is a big jump. And up 17% from December 2-16’s $428,500
- We only 82 new condo listings (down from 188 in November), which is the fewest number of new listings we’ve ever seen in a month. Last December we saw 105.
- The number of condos for sale was 111 (down from 163 in November), which again, is the lowest number of condos for sale we’ve ever seen.
What did other outlets have to say?
- Seattle Times, $500,000 for a 1-bedroom: Condo shortage worse than ever in King County
- Seattle Bubble, : Listings drought intensifies, months of supply hits a new record low in December