Local Market Update – December 2014

The local real estate market traditionally slows down during the holidays. This year is better than most, with open houses getting strong traffic, and buyers submitting offers.

• Prices climbed moderately over last year.
• The number of sales increased slightly.
• Demand continues to exceed supply.

 

Eastside

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Median home prices on the Eastside increased over 10.3 percent from a year ago to $612,000. Supply of inventory continues to decline, with just 1.7 months of inventory available. An increase in international buyers and those relocating here for business has helped fuel demand.

 

 

Seattle

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The supply of homes for sale in Seattle is the lowest in the region, with just 1.2 months of inventory. Strong demand for in-city living has helped boost pricing. The median price for a single family home in Seattle increased 9.7 percent over a year ago to $515,000.

 

 

 

King County

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Inventory in King County continues to be tight, with just two months of supply available. High demand and low supply have kept home values strong. The median price of single family homes sold in King County in November increased 6.3 percent over last year to $440,000. Low interest rates are luring both first-time and move-up buyers.

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