Local Market Update – October 2017

The typical seasonal slowdown of new listings in September added to frustration for buyers who are competing for a very limited number of homes. Strong job growth continues to fuel demand. The state added 83,000 new jobs in the month of August, and September looked to be just as robust. The result? King, Pierce and Snohomish counties all reported double-digit price increases from a year earlier.

Eastside

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The median price of a single-family home on the Eastside jumped 14 percent from the same time last year to a $855,000. As the median on the Eastside approaches the $1 million mark, the price tag for a luxury home is increasing. Of all the single-family homes that sold on the Eastside in September nearly 40 percent sold for more than $1 million. In the city of Bellevue, two-thirds of the homes sold for more than $1 million.

King County

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The median price of a single-family home sold in King County in September increased 16 percent from a year ago to $625,000. While down from the record high of $658,000 in July, it represents the highest value for any September since records began in 2000. Among the largest metro areas in the U.S., our region has now led the nation in price increases for the last 11 months.

Seattle

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Seattle’s inventory remains as tight as ever, with homes being snapped up in days. A big hiring push by local employers just keeps adding to the pressure. With supply dwindling and demand soaring, prices had only one place to go – up. In September, the median single-family home price in Seattle soared 15 percent over a year ago to $725,000.

Snohomish County

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The median price of a single-family home in Snohomish County sold in September was $450,000, a 14 percent increase over the same time last year. With just slightly over one month’s inventory of homes available, it’s unlikely price growth here will slow any time soon.

Local Market Update – September 2017

High demand and low supply made it the market’s hottest August since records began in 2000. Sparse inventory was again the norm, as were multiple offers. However, brokers are cautioning sellers to price their homes correctly. Most buyers have been in the market a long time and are well educated. Overpriced listings are not getting showings or offers. In some rare good news for buyers in this heated market, mortgage lenders are relaxing some standards to make it easier to buy a home.

Eastside

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The median price of a single-family home on the Eastside increased 11 percent from a year ago to a $853,000. That number is down slightly for the second month in a row, but affordability is still a big issue. The share of million-dollar homes here is rising faster than just about anywhere in the country. In Medina, 99.7 percent of homes are worth at least $1 million. On Mercer Island, it’s 88 percent, and 64 percent of West Bellevue homes are worth $1 million or more.

King County

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The local area led the nation in home-price growth for the 10th straight month. In August, the median home price in King County jumped 18 percent over the same time last year to $650,000, off slightly from the record high of $658,000 in July. While inventory is low, the fourth quarter of the year has always seen the lowest demand for home sales. If you’re thinking about buying a home, it is to your advantage to work with your broker and make an offer now.

Seattle

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Inventory-starved Seattle just can’t keep up with the demand of its growing population. Lack of supply helped push the median price for a single-family home to $730,000, an increase of 17 percent over a year ago. That’s down slightly from the peak of $750,000 in June. If sellers need an incentive to put their home on the market, a recent analysis showed Seattle among the top U.S. cities for sellers to get the greatest return on investment.

Snohomish County

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While prices in King County may be showing the first signs of moderating, Snohomish County continues to hit new records for home prices. The median price of a single-family home here jumped 14 percent over the same time last year to $455,000, yet another record high.

Local Market Update – August 2017

Instead of experiencing the typical summer seasonal slowdown, the real estate market in July was as hot as the weather. For yet another month, our area had the distinction of seeing home prices rise faster than any other market in the country. Buyers were hit with a double whammy – soaring prices and the continuing lack of inventory. Despite the rising prices, most homes are selling in about a week. Brokers are hoping to see the return to a more balanced market soon.

Eastside

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While down from its record in June, the median price of a single-family home on the Eastside soared 15 percent from a year ago to a $860,000. The median price in West Bellevue was $2.3 million, making it the most expensive area in King County. Even at that price point, competition is steep. Of the 71 homes that sold in West Bellevue in July, 40 percent sold in a week or less.

King County

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For the first time, the median home price in King County grew more than $100,000 in a year. That translated into a median home price of $658,000, a whopping 19 percent increase over the same time last year, and another new high. Tight inventory was a big contributor. There were 18 percent fewer homes for sale than last July. 

Seattle

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With just two weeks of inventory, the supply of homes of homes for sale in Seattle just can’t keep up with demand from new residents to live close to the city. In the desirable, close-in Ballard neighborhood, there are currently only 17 single-family homes on the market. Prices are up accordingly. The median price for a single-family home in Seattle increased 15 percent over a year ago to $748,500, essentially unchanged from the peak in June.

Snohomish County

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While still a relative bargain when compared to King County, Snohomish County has been playing catch-up. Prices have regularly increased by double digits over the previous year. July was no exception. The median price of a single-family home jumped 12 percent over the same time last year to $453,000, another record high.

Local Market Update – July 2017

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.

Eastside

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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.

King County

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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

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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.

Snohomish County

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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.

Local Market Update – May 2017

The local real estate market—already the hottest in the country—set yet another price record in April. The number of homes for sale dropped 27 percent compared to a year ago, the lowest amount of inventory ever recorded for a spring month. The historically low supply of homes is making competition among buyers fierce. Sellers are in the enviable position of being able to structure sales agreements to include concessions such as rent-backs and longer closing time so they can take the time to find their next home.

Eastside

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The median price of a single-family home on the Eastside reached an all-time high of $880,000 in April, a 21 percent jump over last April. That represents an increase of $150,000 over a year ago, the largest dollar increase on record. With our strong economy and growing population, brokers are not predicting a slowdown any time soon.

King County

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Inventory in King County just keeps getting tighter. There are just 1,900 homes on the market here. That compares to nearly 8,000 in April 2011. As buyers bid up existing homes, prices have escalated sharply. The median price of a single-family home jumped 16 percent from the same time last year to $625,000.

Seattle

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Seattle set a record for home prices for the third straight month. The median price of a single-family home rose 13 percent over the same time last year to $722,250. Like the rest of King County, lack of inventory was the driver. In one of the city’s hottest markets, Ballard, there are just 19 single-family homes on the market.

Snohomish County

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Home prices in Snohomish County are rising at their fastest pace in four years. The median price of a single-family home soared 17 percent from a year ago to $440,000. While that increase is substantial, prices here are still 30 percent less than in King County.