Homes are selling significantly faster in King County than they were a year ago, a trend now present throughout most of the country.
The average number of days on the market for a King County home has dwindled to 60, according to October data provided by the Northwest Multiple Listing Service. At this time last year, the average market time was 75 days.
Closed sales rose more than 33 percent in King County last month, led by the Eastside areas, which posted a 48.5 percent increase from a year ago. Prices for homes and condos that sold last month in King County increased 19 percent ($342,250, median price) compared with the same time a year ago.
Nationally, the median time a home is on the market was 69 days, down 30 percent from this time last year.
“Median” means half the homes were on the market for a longer period of time; half for fewer days.
Meanwhile, inventory levels are hovering at all-time lows, with the number of homes for-sale down 31.2 percent from a year ago.
“As inventory has tightened, homes have been selling more quickly,” said Lawrence Yun, the National Association of Realtors’ chief economist. “A notable shortening of time on market began this spring, and this has created a general balance between homebuyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”
For comparison, the time on the market for non-distressed homes peaked at 10 weeks in 2009. During the housing boom between 2004 and 2005, for example, the median selling time was just four weeks.