In response to yesterday’s post with the breakdown of what’s selling around King County so far this year, someone asked if we could see some similar data for what’s currently on the market. Great idea.
Here’s an update to the interactive histogram, with everything over $1 million in the same bin. The default display is what is currently on the market. Click the drop-down below the chart to view January, February, or March sales.
Wow. In the first three months of the year, just 185 homes have sold for over $1 million in King County, but today there are 968 homes on the market at that price. Using the “months of supply” metric (but with the closed homes statistic) that comes out to nearly 16 months of supply for the million-dollar-plus market. Ouch.
The rest of the market is also noticeably shifted to the right compared to what is actually selling. Excluding homes over $1 million, roughly 47% of the homes sold January through March were priced over $350,000. On today’s active market, over 54% of the homes have asking prices over $350,000 (again, excluding those over $1 million). If you include homes over $1 million, homes over $350k are 50% of what has sold and 66% of what’s on the market.
It would appear that there is a lot of wishful thinking going on in Seattle real estate right now.