During the month of July there were 32 homes that sold in Covington, Washington. These homes all have the city listed as Covington. There are more homes sold in the area that are located outside the Covington City limits and will be reported in the Kent July stats. Currently there are only 59 homes on the market as active listings. That brings us into a seller’s market with only about 8.42 weeks of inventory at the current sales rate. If we add in the 70 homes that are at various stages of “pending” that would be 18.42 weeks of inventory or about 4 months of inventory. But, really how many of those homes are going to come back on the market? Not many in my experience. They will either close or be taken off because the short sale didn’t work out or the appraisal didn’t come in.
Check out what absorption rates are over at one of our other blogs – different county but still the same process when compiling the figures- http://westsoundlive.com/market-stats/kitsap-county-absorption-rates/
These Covington WA homes actually had a transfer of home ownership. Contracts complete, cash or lender funds available, buyer and seller signed all of their documents that escrow had prepared for closing and deeds were recorded at the King County courthouse.
If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Covington Washington.
Not a bad time to purchase a home in Covington, Washington. Prices are down, interest rates are at an all time low you might want to look at what it means to you.
What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.
If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.
If you would like to purchase a home in the King County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.
“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed”