{"id":30854,"date":"2015-07-06T16:13:59","date_gmt":"2015-07-06T23:13:59","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=30854"},"modified":"2015-07-08T13:00:57","modified_gmt":"2015-07-08T20:00:57","slug":"king-county-single-family-median-price-hits-new-record-at-half-a-million-dollars","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2015\/07\/06\/king-county-single-family-median-price-hits-new-record-at-half-a-million-dollars\/","title":{"rendered":"King County Single Family Median Price Hits New Record at Half a Million Dollars"},"content":{"rendered":"

June market stats were published by the NWMLS today. Before we get into our monthly stats, here’s a quick look at their press release<\/a>.<\/p>\n

Home sales sizzling around Western Washington, with volumes reaching 10-year high<\/strong><\/p>\n

Temperatures around Western Washington were not the only thing sizzling during June. Northwest Multiple Listing Service members reported 11,453 pending sales last month, the highest volume since August 2005 when members notched 11,546 mutually accepted offers. Last month also marked the fourth consecutive month of 11,000-plus pending transactions. <\/p>\n

MLS members credit first-time buyers, an influx of relocating workers, and escalating rents for part of the surge.<\/p>\n

“First time buyers are returning to the market, but cautiously and with more knowledge based on market values and trends,” said George Moorhead, designated broker and owner at Bentley Properties in Bothell.<\/p>\n

“Educated buyers today are no longer just dipping their toes in the water. They are diving right in,” reported Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate. Gain, a past chairman of the Northwest MLS board, said in his 38 years in the industry he’s experienced “good years, bad years and everything in between,” but he’s never seen a market as complex as the current one. “It’s been challenging for everyone involved in a real estate transaction, whether buyer, seller or agent.”<\/p>\n

Gain and many of his colleagues bemoan the lack of listings. “The only real problem we are experiencing today is the lack of inventory,” he said.<\/p><\/blockquote>\n

Home salespeople are no longer attempting to hide how giddy they are that prices are surging once again. They’re in all-out party mode. We’ll see how long the party lasts this time.<\/p>\n

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CAUTION<\/div>\n

<\/p>\n

NWMLS monthly reports include an undisclosed and varying number<\/a> of
sales from previous months in their pending and closed sales statistics.<\/p>\n<\/div>\n

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):<\/p>\n