Our Eastside Market Review is now available for the second quarter of 2017.
You can read the full report online by clicking the image below.
It was another month of record-setting home prices in June as the area yet again took the prize for the hottest real estate market in the country. In a bright spot for buyers, the number of new listings added in June was the highest total for any single month since May 2008. While inventory is still low, the pace of sales is slowing and the number of multiple offers are down, suggesting that we may soon see a slight reprieve from the last year of rapid-fire growth.
The median price of a single-family home on the Eastside soared 19 percent from a year ago to a new record-high of $885,000. Despite that increase, multiple offers—while down—are still common. With most buyers presenting offers on multiple properties before purchasing a home, working with a broker to create a strong strategic plan, clear negotiating parameters, and a streamlined offer are critical for success.
The median price of a single-family home in King County climbed 14 percent over a year ago to a new record of $653,000. Inventory remains extremely tight, and homes are selling very quickly. According to a broker analysis, 80-to-90 percent of sellers in the Puget Sound area are accepting offers on their homes within 30 days of listing. In hot neighborhoods, that number can be just a few days.
Seattle home prices are rising at the fastest rate in nation. U.S. Census data shows Seattle is gaining about 1,100 residents week. With supply unable to keep up with soaring demand, prices just keep climbing. The median price for a single-family home in Seattle jumped 13 percent over a year ago to $750,000. The increase in the number of $1 million-plus homes in the city was among the highest in the country.
Buyers looking to get more home for their dollar continue to make the move north to Snohomish County. Demand is so high that new construction homes are selling before they’re built, with many new homes not even hitting the market. The median price of a single-family home sold in June increased 14 percent over the same time last year to $450,000, unchanged from last month’s record high.
The Summer 2017 issue of Windermere Living showcasing residences and destinations from across the West is now available! Windermere Living is the exclusive listings magazine published by Windermere Real Estate.
Read the online version by clicking on the image below.
When you picture your best life, does it include entertaining shore-side? Launching a boat from your back steps? Or fishing in your pajamas? If you dream of a waterfront life then you’re in luck! That’s because on June 24-25 we are hosting the third-annual Washington Waterfront Home Tour. More than 80 homes from the San Juan Islands to Lake Sammamish are available to tour by boat, bike, or car. Properties are priced from $595,000 to $20 million. While you might think a waterfront home is out of your budget, there are actually properties that fit a wide variety of needs, styles, and budgets.
Here are a few examples of what you can expect to see this weekend on the tour:
A map of the homes and their open house hours can be found on the Washington Waterfront Home Tour website. Most will be held open from 1 p.m.-4 p.m. on June 24 and 25. The listing details will note the availability; for those listed as “by appointment only,” you can contact the agent for a private tour.
This blog post originally appeared on the Windermere.com blog.
The hottest real estate market in the country just keeps getting hotter. Despite a large number of new listings, home prices in the Puget Sound area continued to set records in May. According to a Seattle Times article, “For the first time since the 2007 housing bubble, every county in the central Puget Sound region has set a new median home price record.” Brokers hope this news will help entice more sellers to put their homes on the market.
While down just slightly from its record high last month, the median price of a single-family home on the Eastside was up 15 percent from a year ago to $875,000. With just three weeks of inventory, those looking to buy a home can continue to count on a highly competitive market. It is key for buyers to work with a broker on a buying strategy, and to be willing to act quickly to make an offer.
King County is starved for inventory. The number of homes for sale in the county dropped 20 percent from a year ago. The good news: The number of new listings year-over-year grew for the first time in 2017. The bad news: They’re getting snapped up as soon as they come on the market. The median price of a single-family home in King County jumped 13 percent over a year ago to a new record of $632,000.
Seattle is the fastest growing city in the country, and that demand is driving prices ever higher. That demand combined with razor-thin inventory has resulted in Seattle topping the nation in bidding wars. As a result, it’s no surprise that home prices here set yet another record in May. The median price for a single-family home in Seattle soared 14 percent over a year ago to $729,000.
A steady stream of buyers being priced out of King County have set their sights north in hopes of finding a more affordable house payment. While home prices here are indeed less, that gap has been slowly closing. The median price of a single-family home jumped 15 percent over the same time last year to $450,000, an all-time record.