November saw continued price escalation and supply constraints in the King and Snohomish County real estate markets, according to figures released Monday by the Northwest Multiple Listing Service (NWMLS).
Total active listings in King County were 17.8 percent lower for single-family homes and condominiums combined in November than in November 2019. The median sales price hit $685,000, up 11.9 percent.
Total active listings in Snohomish County were a whopping 63.3 percent lower for single-family homes and condominiums combined in November than in November 2019, and the median sales price hit $538,475, up 14.1 percent.
NWMLS director John Deely, principal managing broker at Coldwell Banker Bain, described the real estate market in King County as a “tale of two cities” in November.
“While the residential market continued its trend of record-low inventory, the condo market holds record high inventory when looking at the second half of the year, compared to the same periods over the past eight years,” he said in an NWMLS news release.
The number of condo listings were up 39.2 percent in King County from a year ago, but single-family home listings were down 37.5 percent.
In King County, the highest median sales price of single-family homes was on the Eastside, where the price approached $1.1 million, up 17.8 percent, on 701 closed sales. The highest-priced Eastside market was Bellevue, west of Interstate 405, with a median sales price of a single-family home running at $3 million on 30 homes sold.
Looking more closely at Snohomish County, the southeast county had the highest median sales price for single-family homes, at $800,000, up 24 percent, on the sale of 147 homes.
“The rush is on for housing,” J. Lennox Scott, chairman and CEO at John L. Scott Real Estate, said in the release. “Real estate activity typically chills as temperatures drop but buyer demand remains high.”
“With low unsold inventory, all eyes will be on each new home that comes on the market,” he continued, adding, “This strong demand is present in the more affordable mid-price ranges and extends into high-end homes.”