Median Home Price In King Co. Hits $500,000

1215 McGilvra NewThe median price of single-family home sold in King County has reached new heights this year. According to the Northwest Multiple Listing Service, the median price in King County has risen to $500,000, a 10.3 percent increase over the last peak of $481,000 in July 2007. In Seattle, the median is significantly higher than that, having risen 15 percent over the year to $575,000. It’s been rumored that we are in a bubble, but Alan Pope, a real estate appraiser in Redmond, says he believes we aren’t in a bubble, but that “… the balloon is growing, and I can’t tell when it’s going to stop.” In fact, the housing market is just gaining traction from taking a hit during the past recession and isn’t too far above the prices they normally would be had we missed it.

The Seattle area’s healthy job market has caught the eye of the nation and beyond. As more people settle in to Seattle and surrounding cities, the housing market has become quite competitive. With a surge of buyers and very little increase in single-family residential development, there is a shortage of houses on the market. Between March and May of this year, Seattle only had a month’s supply of single-family homes and condominiums on the market, according to a Seattle Times analysis of NWMLS data. Inventory in June of this year was well below the average three months’ supply, and the number of residential listings in King County was 23 percent lower than last year.

Other counties are seeing similar patterns. In Snohomish County, the median price of single-family homes sold was $360,125, that’s 6 percent higher than last year. Pierce County prices are up an impressive 9.5 percent, sitting at $257,000.

In Seattle, homes for sale sit on the market for an average of just eight days, compared to the national average of 28 days. When a home goes on the market, Seattle house hunters are ready to play ball, even if that means paying well above the listing price. The only true fix to relive the pressure on the current housing market is to build new houses. The National Association of Home Builders reports that there were 3,481 permits issued for new single-family homes between January and May, down 4 percent over the year. That might be due to the lack of adequate plats to build on. Allison Butcher of the Master Builders Association of King and Snohomish Counties told the Times that land is becoming increasingly hard to find in Seattle.

As for condominiums, we’re seeing a bit of a trickle-down effect, as the median price in King County was $287,000, up 7 percent over last year, and up 12 percent in Snohomish County, now sitting at $239,950. However, Pierce County is down about 7 percent, at $162,500. Listings for condos aren’t climbing as quickly as single-family homes, but they are taking some of the heat as buyers look for other more available options.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

First Drop In Median Home Price In Six Months Came In August

housingAfter a blockbuster July when we saw the median price for a single-family home in Seattle rise to $543,500, topping the market’s 2007 peak, the median price in August came a little closer to earth, showing its first monthly decline in six months. The median price dropped 8 percent from July to August, and now stands at $499,950, according to The Seattle Times.

But despite slowing monthly growth, yearly appreciation for median home prices in Seattle still stands at a healthy 9.4 percent, the highest rate among the sub-markets in King County. The Northwest Multiple Listing Service says the biggest challenge currently facing buyers throughout Western Washington is inventory, as has been the case for the past several months. They report that although inventory has risen slightly since this time last year, the number of listings added in August was the lowest since April, and King County has the tightest inventory with only two months’ supply available.

The NWMLS uses the word “stability” to describe the market in Western Washington as a whole, and says we should continue to see “moderated growth” in the coming months. If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Median Home Price In Seattle Surpasses 2007 Peak

housing marketIt has finally happened – Seattle’s median home price has officially topped its 2007 peak, the Northwest Multiple Listing Service is reporting. The median price now stands at $543,500, significantly more than the $501,000 peak of 2007, and nearly $80,000 higher than the median in July 2013 of $465,000.

Seattle’s market appears to be recovering by leaps and bounds compared to the national market, where the median price for homes in the top 20 markets is still 18 percent below the the peak set in 2006. J. Lennox Scott, the CEO of John L. Scott Real Estate told The Seattle Times that the major factors boosting our housing market are jobs – Seattle’s unemployment rate is down to 5.8 percent – and interest rates, which are historically low.

Another factor likely playing a part is that inventory remains very limited, and prices are responding in classic supply-and-demand fashion. Bidding wars are erupting for the few homes that are available, pushing prices upward. According to The Seattle Times article, some neighborhoods in Seattle such as Ballard and Green Lake only have a one-month supply of homes listed for sale, in a market where a 4-6-month supply is considered “balanced.” According to data from Redfin, 39 percent of homes in the Seattle Metro area sold for more than the listing price in the second quarter of 2014.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

 

King County Home Prices Rising More Slowly, Inventory Still Low

housing market

While home prices have continued to rise in King County over the past year, they are rising at a slower rate than they were a year ago. According to The Seattle Times the median home price in January was 17 percent higher than it was over the previous 12 months, but in February it was only 11 percent higher. In March, the median home price in King County was $414,950, up just 6 percent from $392,000 a year ago. In the Seattle market, the median home price actually fell by almost 3% over the last 12 months to $450,000.

It appears that buyers are also using more discretion with their money, as the number of active listings has increased, but the number of pending deals has decreased in the tri-county area comprising King, Snohomish and Pierce counties.

In some good news for local buyers, investors bought far fewer homes in February (40) than they did in January (126), which could mean more entry-level housing inventory available to first-time home buyers. Investors have been purchasing homes in lower price ranges and turning them into rentals, especially in South King County and Pierce County. Real estate agents are hoping for a jump in inventory as we progress further into spring, but believe the market will continue to see low inventory through the rest of the year and into 2015.

If you are interested in buying or selling a home in Seattle, contact your local real estate agent today.

King County Median Home Price on the Rise

According to the Seattle Times, the median home price for a single family home has risen 15% in King County from this time last year, after a rise in home sales over the summer. The median price for a single family in King County in July rose to $434,000, the highest it has been over the last 5 years. Cap Hill housing

In October we experienced a more balanced market, with 2,187 homes sold which was 10% more than those closed in October 2012 according the the NWMLS. Over the last year we’ve seen competitive bidding wars due to low inventory, and last month we began to see more listings on the market. In King County there were 4,575 single family residences listed, 6% up from last year, and while inventory is still relatively tight, we’re beginning to see a healthier real estate market emerge. If you’re interested in buying or selling your home, contact your local real estate agent today.

King County Home Prices Up 7% in July

As we’ve mentioned a few different times, King County Home Prices are on the rise, and according to the Seattle Times, the stats for July are all up across the board too. Last month, King County home prices rose 7.2% compared to July 2011, making this the fourth straight month in a row to see an increase. While the rise continues, July didn’t see as big of an increase as June had; with the median home price listed for $375,250 in July which was about a 1% drop from June.

There has also been a drop in inventory of homes on the market, which is a huge factor. According to the Times, inventory in King County is the lowest it’s been since 2006, and the number of potential buyers vs. sellers is playing a huge role in the market. More people are opting to rent to avoid costly mortgage debt, as they’ve seen more frequently than before. One thing is certain, the confidence in buyers in Seattle is spreading, and sales could have even possibly been higher if the lack of inventory were higher.

King County Home Prices Highest Since September

The median price of buying a home in the King County area last month was the highest we’ve seen since September. Ouch! According to stats from the MLS, last month’s median sales price was $330,000, 7% higher than it was the previous month, (which happened to hit an all time low).

This indicates that in some areas of King County, housing is starting to recover. According to the Seattle Times, prices in Seattle were up 3% from this time last year, and 9% from February. The overall optimistic outlook on the housing market is neighborhood specific; neighborhoods in North Seattle, and those North of I-90 have seen a double digit statistic increase year after year, whereas the median price in South King County has fallen nearly 17% since last Spring. Median prices from February to March have had the tendency to increase in the past, but that isn’t always the case. While condo sales have seen an increase nationwide, short sales have decreased over 30% from this time last year. For more information about the King County housing market, visit the Seattle Times.