Local Market Update June 2015
• Home prices continued their march upward.
• May was the seventh consecutive month of record-low inventory.
Nowhere is inventory tighter than in Seattle. The city has just two weeks of available homes on the market —37 percent less inventory than last May. Sales soared, and with more buyers competing for fewer homes, prices soared as well. The median home price jumped 14 percent to $559,950.
For the third month in a row, King County had less than one month of available inventory. (A supply of three to six months is considered balanced.) There were 21 percent fewer homes for sale in May as compared to the same time last year. That scarcity helped push home prices up almost 9 percent over last May to $480,942.
High demand and low supply pushed the median price of a single family home on the Eastside up 6 percent over last year to $655,000. Sales were up, further depleting the already limited inventory. With just one month supply of homes available, the Eastside remains a very strong seller’s market.