The June numbers are in from NWMLS and the median price for King County single-family homes sold climbed to $500,000, a new record ($450,000 median price for all June sales). To put that in perspective, the last time things were this high was July 2007 ($481,000). You know what happened soon after that. Many real estate folks are quick to say things are different this time, with better checks and balances in place than last time, but none of that makes buyers feel any better about the situation.
That median price number is up 3.7 percent from May and 10.3 percent from a year ago. Couple that with the number of King County single-family and condo listings being down 23 percent from a year ago and you couldn't have more of a seller's market if you tried. Realtors generally consider five- to seven-month supply a sign of a balanced housing market. Right now, King County has less than one month's supply.
Condo-shoppers won't find much relief (if they can even find an available condo). The King County median condo price in June was $287,000, seven percent higher than June 2014.
All of this isn't just happening in King County and it somehow hasn't slowed down homes sales at all. Western Washington saw 11,453 pending sales last month, the highest volume since August 2005. June also marked the fourth consecutive month of 11,000-plus pending transactions.
· Home sales sizzling around Western Washington, with volumes reaching 10-year high [NWMLS]
· Median price for single-family homes hits $500,000 in King County [ST]
· King County Single Family Median Price Hits New Record at Half a Million Dollars [SB]
Image: TaxRebate.org.uk