King County – Sold Listings Report – December 2014

The number of existing homes that sold increased by 10.48%.

The average sales price is up 8.19% for existing homes and up 17.45% for new construction.

The average days on the market for existing homes has increased by 4.26%, and 8.62% for new homes.

We saw an enormous jump in the price (17.45%) of new homes in King County for December 2014 compared to the previous year. The average sale price went from $589,698 to an overwhelming $714,339. One might think this would deter a potential buyer’s interest in a new home, but December’s numbers showed a 16.15% increase in the amount of units sold. These new homes are literally selling like hotcakes, with an average time of 63 days on the market. Existing homes had even less time on the market in December 2014, averaging a short 49 days. The average sale price in December for existing homes was also much more reasonable (or was it? An existing home costing over half a million dollars may seem asinine to an Eastern Washingtonian. It’s all relative!) than a new home, at $544,881.

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