According to a recent report by the Northwest Multiple Listing Service, home inventory in King County has doubled and the median home price fell to $750,000, down $25,000 in one month and down $80,000 from the record set in the spring. Prices on the Eastside held steady for the month and dipped in South King County.
A few more people are putting their homes on the market but the shift continues to be largely the result of buyers taking a step back; countywide, sales fell 16 percent in October from a year prior.
Sellers have reacted by cutting list prices faster than any other metro area in the country. And buyers are now negotiating prices down even further, as the average home is selling for below list price for the first time in four years.
For the first time in a while, there’s even a single-family house with a yard for sale in the city limits of Seattle for under $300,000: A small, older home in Highland Park that failed to sell for $328,000 last month is now offered at $299,000.
Altogether there were 17 houses for sale in the city for under $400,000 on Tuesday, including seven with price cuts.Read More