October Housing Market Update
The smoking hot Seller’s market of the summer has carried into the fall. Low inventory and even lower interest rates means that buyers are out in full force! Depending on the neighborhood, some homes are going for 20-100K above asking price! Month after month, the average sales price continues to increase in King, Snohomish and Pierce counties, and the percent of list price received continues to be just over 100%. Good news for Seller’s everywhere! (And if you’re looking to buy a home in any of these areas, rest assured that your new homes equity will increase year after year). Below is your October 2020 housing market update:
Month after month, the average sales price of homes in King County continues to rise. In September, the average sales price was $864,733. Currently, it’s $870,295. Days on market has decreased by 1 day since September, and percent of list price received is about the same. Good news for Sellers.
Just like in King County, the average sales price has risen since September – going from $585,047 to $589,826. Days on market has also decreased by one day, and again percent of list price received has remained roughly the same. If you’re a Seller, anytime you see that the list price received is over 100% that’s GOOD news.
SEE ALSO: How to Prepare Your Home for Sale in 10 Steps