Apparently I wasn’t the only one who noticed Seattle had good opportunities for buyers – since I wrote about it in April, the median sales price has increased over $90,000 – that’s 20% higher than it was a year ago. The median sales price on the Eastside has remained stable the last few months, but it’s over 30% higher than a year ago. What this means for buyers is that “waiting until things cool down” is proving to be a flawed strategy. On the Eastside, the median price of a home is now over $350,000 higher than a year ago. The vast majority of buyers could never save enough in a year to offset that difference.
No one can predict the future, of course, but I see no reason to expect a significant change in inventory any time soon. We will likely continue see seasonal fluctuations, but with demand continuing to outstrip supply, at best we may see a slower increase, rather than an actual decline, in prices. There is no doubt that it takes persistence and motivation for buyers to prevail in our hot real estate market, but clearly there is a cost associated with waiting. Let’s chat about how I can help you accomplish your goals.
BY THE NUMBERS
Click the images below to download your neighborhood’s recent real estate figures!