October’s numbers are in and inventory continues to wane for King County residential homes, down 15% compared to last month and 40% year over year. The median listing price was just under $530K, with an average sale price of $427K, up nearly $40K compared to the previous year. Buyers came out strong, as homes were on the market for an average of just 28 days, down 30% from last year’s numbers. In downtown Seattle, condo inventory was down 15% from the previous year but rose slightly compared to last month. The median sale price held steady from month to month but was up $35K from last year’s average.
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Evergreen Dreaming: Californians Flock to Washington State
According to recent Census data, California sends more new residents to King County than any other state in the US, as noted in a recent Seattle Times article. The trend makes a lot of sense considering that the two states share a time zone, a love for the ocean and a propensity for employing high-tech workers, as recently highlighted by The Wall Street Journal and the Puget Sound Business Journal,which described that the average home costs nearly $600,000 less in Seattle compared to Silicon Valley. A delegation of RSIR brokers, including our very own Barry Bergner, recently visited the Bay Area to explore these trends firsthand.
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