Local Market Update – November 2015

The hot real estate market shows little sign of slowing down. Home prices continued to move upward. With the number of pending sales exceeding the number of new listings, the supply of homes is falling well short of demand. The inventory of homes in the Puget Sound area is 23 percent less than a year ago.

Eastside

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Home prices on the Eastside continue to be well above those in other parts of King County. The median price for homes sold in October was $667,000, an eight percent increase over the previous year. Inventory remains at historic lows, with only a six week supply available – far below the three to six months of supply that is considered to be balanced.

King County

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Inventory remained tight throughout King County with just five weeks of available supply. Limited inventory has fueled home prices, pushing the median price of a home up seven percent over last year to $480,000. Home prices vary significantly based on location. While the median home price was $555,000 in Seattle, the median price was $449,950 in North King County, and $297,824 in Southwest King County.

Seattle

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A recent analysis ranked Seattle as the nation’s #1 hottest market for single family homes. That demand has depleted the supply of homes, which stands at just under one month of inventory. Demand has also kept prices climbing. The median price of a home in Seattle increased eight percent over the previous year to $555,000.

Posted on November 19, 2015 at 2:12 pm
Denni Shefrin | Category: Market News | Tagged , , , , , , ,

Local Market Update – July 2015

The housing market last month heated up significantly. Along with temperatures, the housing market sizzled in June. Continued low inventory coupled with ever-increasing demand pushed home prices in King County to an all-time high. The multiple offers and escalation clauses that have now become common make it a very hot market for sellers.

  • Home prices in King County surpassed their 2007 peak.
  • The number of closed sales in King County increased 17 percent over last June.
  • Record low inventory continues to fuel competition among buyers.

Eastside

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While sales on the Eastside jumped 23 percent, inventory remains very tight. With very little new construction in the pipeline, low inventory is expected to continue until more sellers are willing to list their homes. An incentive is the continued price appreciation here. The median home price was up 6 percent to $670,000, the highest of any King County region.

 

King County

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There were almost 24 percent fewer homes for sale in June as compared to the same time last year. As a result, competition for homes is fierce, with first-time home buyers competing with foreign buyers and those moving here for new jobs. King County saw the median price of a home soar 10 percent over last June to $500,000 – an all-time high.

 

Seattle

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Seattle continues to have the greatest shortage of inventory in King County, with just over two weeks of available homes on the market (3-6 months in considered balanced). Unlike the outlying areas of King County, Seattle has very limited land for new development. High demand from relocating tech workers helped drive home prices up 15 percent to $575,000.

Posted on July 10, 2015 at 4:48 pm
Denni Shefrin | Category: Market News | Tagged , , , , ,