Homes continued to sell at a brisk pace in October on the Eastside with the lack of homes for sale and strong buyer demand increasing sales prices by double-digit percentages across the region.
The median sales price of single-family homes and condominiums combined in King County increased 13.2 percent from October 2019, according to figures released Thursday by the Northwest Multiple Listing Service (NWMLS). Snohomish County prices increased 15.8 percent.
The median sales prices of homes and condos combined in King County was $685,000 last month. Snohomish’s median was $549,994.
Both counties had less than a month of supply of homes for sale, with inventories of 0.99 months and 0.49 months in King and Snohomish, respectively. Inventory indicates how long it would take to sell every active listing at the current rate of sales. A four-month supply of homes for sale is considered a balanced market, Matthew Gardner, chief economist at Windermere Real Estate, said in an NWMLS news release.
“This is what is allowing home prices to escalate at double-digit rates,” he said.
He’s watching how Boeing’s recent announcement of layoffs might affect the Snohomish housing market. So far, there’s no negative effect, he said, adding that the number of homes for sale is down and home prices are rising compared to a year ago.
“Any additional inventory that may come to market will likely be absorbed swiftly as we continue to see buyers moving from the more expensive King County to the relative affordability that Snohomish County offers,” Gardner said in the release.
For single-family homes only, excluding condos, King’s median sales prices were $165,000 more than in Snohomish last month, or 28.5 percent higher. The prices were $579,972 in Snohomish and $745,000 in King.
The Eastside luxury market set a record for the month with NWMLS brokers in October recording 1,004 sales of homes priced at $1 million or more in the tri-county region of King, Snohomish, and Kitsap counties, the release said.