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Local Market Update – June 2018
Last month brought some long-awaited, positive news for buyers with May posting the most new listings in over a decade. Despite the uptick in inventory, most homes are selling in less than a month. Prices haven’t been impacted either, with the majority of the region continuing to experience double-digit home price increases.
Eastside
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The median home price on the Eastside hit an all-time high of $960, 000 in May; a 10 percent gain over the same time last year. While there were a third more homes for sale in May than a year ago, the area still had only about a month of available inventory. Three to six months is considered a balanced market. Redmond, a city with a population of 64,000, currently has only 51 single-family homes on the market.
King County
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First the good news: Those looking to buy a home in King County in May had almost 1,000 more homes to choose from compared to the previous month. The bad news: That boost in inventory did little to moderate home prices. The median price for a single-family home jumped 15 percent to $726,275, up slightly from the record high set in April.
Seattle
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A strong economy and desirable lifestyle have kept Seattle a leading destination for job-seekers. The ever-increasing demand for housing has sapped supply and sent prices soaring. For 19 months Seattle has led the nation in rising home prices. May saw the city set yet another record, with the median home price jumping 14 percent to $830,000.
Snohomish County
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Soaring prices in King County combined with rising interest rates make Snohomish County an affordable alternative for those willing to extend their commute time. The typical home cost $500,000 in May, an increase of 11 percent over the previous year, and down very slightly from last month.
This post originally appeared on the WindermereEastside.com Blog.
Eastside Market Review – First Quarter 2018
The available supply of homes on the Eastside continued to fall short of demand in the first quarter of 2018. With just two weeks of available inventory, competition for homes remained intense. The result was a steady growth in home prices. The median price of a single-family home hit new highs in the first quarter and closed out the period at $926,000. Sales were brisk at every price, including the luxury market. Sales of homes priced at $2 million or more were up 23 percent in the first quarter of 2018 as compared to the previous year. The region has now led the country in home price increases for 17 months in a row. The prediction for the spring market: hot with no signs of cooling.
Read the full report online by clicking the image below.
This post originally appeared on the WindermereEastside.com Blog.
Local Market Update – May 2018
Another month, another record. Despite a slight uptick in inventory that showed the highest level of active listings since last August, both King and Snohomish counties saw home prices in April hit all-time highs. There is less than one month of inventory available in both counties, far below the four to six months of supply that is considered “balanced.” As long as the severe shortage of homes remains, improving supply is unlikely to reverse rising prices.
Eastside
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With the median price on the Eastside hovering at just under $1 million, you’d expect a softening of the market. Instead, sales were strong at every price point. The median price of $943,000 was a slight dip from the record of $950,000, but up 7 percent from last April. That does show some price moderation. According to Windermere Chief Economist Matthew Gardner, mortgage rates are expected to increase modestly in the coming months, which he predicts should further moderate price growth.
King County
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After setting a record in March, the median price of a single-family home in King County hit a new high of $725,000 in April. Prices soared 16 percent over a year ago, an increase of $100,000. The rising cost of both rental and home prices is taking its toll. According to a new study, 68 percent of King County residents rate the quality of life here as high but 35 percent said the cost of living is the worst problem in the county.
Seattle
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The median cost of a single-family home in Seattle was $819,000, unchanged from March but up 13 percent from a year ago. There doesn’t appear to be any price relief in the near future. The booming job market in Seattle continues to fuel housing demand that far exceeds supply. As a result, home prices are predicted to rise at above-average rates in the coming year.
Snohomish County
>>>Click image to view full report.
In Snohomish County, the median price of a single-family home exceeded half a million dollars, setting a new record for the region. The typical home cost of $505,975 in April was up 15 percent over the same time last year. Despite record-setting prices, the area continues to draw buyers seeking to find more affordable housing options. Of the 100,000+ people who leave King County each year, the majority move to Snohomish County.
This post originally appeared on the WindermereEastside.com Blog.
Local Market Update – April 2018
Despite the typical seasonal surge in new listings, supply in our area continued to fall far short of demand in March. With just two weeks of available inventory in every market, competition for homes is intense. The result was another month of double-digit price increases as compared to a year ago. The region has now led the country in home price increases for 17 months in a row. The prediction for the spring market: HOT with no signs of cooling.
Eastside
>>>Click image to view full report.
The median price of a single-family home was up 6 percent over last March to $926,000, down slightly from the record-setting price last month. Sales were brisk at every price, including the luxury market. Sales of homes priced at $2 million or more were up 23 percent in the first quarter of 2018 as compared to the previous year.
King County
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A booming economy combined with insufficient inventory propelled prices to an all-time high in March. The median price of a single-family home in King County jumped 15 percent to $689,950. Multiple offers remain the norm. Buyers here need to plan on moving very quickly and working with their agent on strategies to navigate bidding wars.
Seattle
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The median home price in Seattle set a new record of $819,500 in March, up a whopping 17 percent from a year ago. Homes are selling within days of being listed. Only 19 single-family homes are currently on the market in Ballard and just 24 in Queen Anne. South Seattle, traditionally the most affordable part of the city, has seen the greatest increase in prices. Home values in these neighborhoods have nearly tripled since the recession ended, while home values in the rest of the city have doubled.
Snohomish County
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Once a less competitive market than King County, Snohomish County now has the lower amount of inventory of the two. The median price of a single-family home grew 12 percent over a year ago to $475,000. Prices here remain significantly lower than in King County and many buyers priced out of that market are trading a longer commute time for the opportunity of ownership.
This post originally appeared on the WindermereEastside.com blog.
Local Market Update – March 2017
The local real estate market set new home price records in many parts of the region in February. Prices here have grown faster than anywhere else in the country for the last 16 months in a row. Demand remains high and inventory very low. Brokers are hoping the normal seasonal increase in listings this spring will help give buyers some relief.
Eastside
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With home prices soaring on the Eastside, it’s not a matter of whether the median price will exceed a million dollar, but when. February brought the market very close to that milestone. The median price of a single-family home increased 14 percent to a record $950,000 on the Eastside, surpassing the previous peak recorded in December.
King County
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The red-hot job market in King County continues to outpace nearly every area in the nation. Well-paid workers looking to buy close to city centers have fueled a growing competition for a shrinking number of homes. That demand boosted the median price of a single-family home up 16 percent over a year ago to $649,950.
Seattle
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The median price of a single-family home in Seattle hit a new high of $777,000 in February, $20,000 more than the previous record set in January and up 14 percent from the same time last year. Despite the sharp increase in prices, multiple offers have become the norm for most properties. It remains to be seen if recent interest rate hikes will have a moderating effect on home values.
Snohomish County
>>>Click image to view full report.
After several months of moderating growth, Snohomish County set a new record for home prices in February. The median price of a single-family homes jumped 18 percent to an all-time high of $485,000. Inventory is down from a year ago, with less than a month’s supply of homes available for sale.
If you are considering buying a home in today’s market, here are three things to consider:
- Make sure you can afford the payments.
- Choose a location that will appeal to you long-term.
- Be committed to living there for a minimum of five to seven years.
This post originally appeared on the WindermereEastside.com blog.
