The holidays are fast approaching; temperatures are getting cooler, and so is the Seattle housing market. Overall the 2019 Seattle housing market has been a mixed bag of hot and cold trends. Most of the growth over the year has been in the up-and-coming neighborhoods of Pierce, Kitsap and Snohomish counties. In the higher priced King county markets, growth has been and will likely continue to be on the slower side giving some much needed breathing room for buyers.
This post will summarize the October 2019 Seattle real estate market in King, Pierce, Kitsap and Snohomish counties. If we can answer any questions for you or help you with the purchase of a new home or sale of your existing home, don’t hesitate to contact us! (425) 446-1494.
All of this data is reliably sourced from the Northwest Multiple Listing Service.
Median Sales Price | Seattle Housing Market
Kitsap had the most growth in the Seattle housing market; up 8.1% YOY with a median sales price of $355,000. A lot of Seattle commuters are considering crossing the water by ferry or water taxi to take advantage of the lower median prices and growth of this market.
Pierce county was a close runner up with 7.9% YOY growth on median sales price; currently the median price is at $354,990. Cities like Tacoma, Kent, Renton and Auburn are still very affordable, within a reasonable distance from Seattle and are very much in growth mode.
Snohomish County saw more moderate growth in 2019 but is still up 2.7% YOY. The north side, is still fairly affordable if you’re willing to put up with the I405/I5 traffic times. The current median sales price is at $461,286.
King County is pretty much exactly where it was at the same time last year with a current median price of $610,000. Some economists smell a recession coming but the Seattle housing market will likely remain somewhat insulated; it seems a healthy correction is beginning to take place.
To further reinforce buyer confidence, current interest rates in Washington at the time of this post (per bankrate.com) are 3.70% (slightly lower than a few months ago) for a 30-year fixed, 3.22% for a 15-year fixed, and 4.12% for a 5/1 adjustable-rate mortgage (ARM). If you’re planning on buying a home in the near future, make sure you’re pre-qualified before you start shopping. We are happy to help with your home search and assist in finding the lender and loan type that’s right for you.
Inventory is still way up (28% YOY) in King County but down slightly over the last few months as we move into the holiday season. The Seattle housing market still only has a little over a 2 month supply of inventory which is less than half the national average of around 4.5.
Snohomish County inventory is up 15.3% YOY with less than a two month supply of inventory, still showing some great demand for the North side.
With Kitsap being in growth mode still, as well as being very affordable inventory is getting gobbled up at a more rapid pace; inventory is down 3.2% YOY with a 2.5 month supply.
Pierce is more closely in line with Kitsap, with inventory getting snatched up and home prices steadily growing. Inventory is down 8.8% YOY with a 2 month supply of inventory at current pace of home sales.
Closed sales are down YOY across the board in the Seattle housing market:
- King is down 3.4% at 32,501 closed sales.
- Snohomish is down 4.2% at 14,400 closed sales.
- Kitsap is down a whopping 8.7% at 4,998 closed sales
- Pierce is also down 7.5% at 16,941 closed sales.
Days on the Market (DOM)
In the slower growth counties of King and Snohomish, the DOM reflects the stagnation; King County listings are sitting on the market 14 days, up 75% from last year. Snohomish listings are also sitting around 14 days up 55.6% YOY.
Kitsap and Pierce counties are pretty much identical to last year; both counties have listings sitting for around 12 days.
TLDR | Seattle Housing Market Stats
- 30Y Conventional: 3.70%
- 15Y Fixed 3.22%
- 5/1 ARM: 4.12%
Median Sales Price: $610,00 | 0.0%
Inventory: 6,116 | -28.1%
Closed Sales: 32,501 | -3.4%
Days on Market: 14 | +75.0%
Median Sales Price: $461,286 | +2.7%
Inventory: 2,316 | +15.3%
Closed Sales: 14,400 | -4.2%
Days on Market: 14 | +55.6%
Median Sales Price: $354,990 | +7.9%
Inventory: 2,840 | -8.8%
Closed Sales: 16,941 | -7.5%
Days on Market: 12 | 0.0%
Median Sales Price: $355,000 | +8.1%
Inventory: 1,051 | -3.2%
Closed Sales: 4,998 | -8.7%
Days on Market: 32,501 | -3.4%
Overall the Seattle housing market is still going strong and will likely continue even if we move toward a national recession. Check out our 2020 market forecast post for more details.
Thanks for reading! Have a great holiday!
Team Sno-King | Kelly Right Real Estate | 425.446.1494