98032 Area Market Update

December 2016 Market Update Report

Area: 98032 (Kent, WA)

This is a Snapshot of the local real estate market for 98032 only as of 1.24.17 for Single Family Homes

These Stats Compare  12-2015 Thru 12-2016

New listings are UP 14.4%                Pending Sales are UP 7.6%  

Closed Sales are UP 1.1%    

Median Sales Price is UP 21.3% (Currently $330,000)        

Average Sales Price is UP 16.3% (Currently $323,565)   

Days on Market Until Sale are DOWN From 30 to 25 Days

Inventory of Homes for Sale December 2015 to December 2016 is DOWN  From 23 to 20 Days

Months Supply of Inventory is DOWN  1.6 to 1.3 Months (This is very low)

The summary is that home prices are up and inventory is down over the previous year.  It is taking a shorter amount of time to obtain an offer for a seller. For a buyer, there is less supply or homes to choose from and a Seller has less competition from other sellers.  It is still a Sellers Market

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