King County Home Prices Bounce Back in August

1After the median selling price for a single-family home in King County dropped to $485,000 in July, prices bounced back to just a hair under $500,000 in August, representing a 14.4 percent annual gain, and the biggest yearly gain of any month in 2015. Inventory in King County was also up slightly from July, and now stands at 1.36 months’ worth of supply, the most inventory we’ve seen since February, according to statistics from the Northwest Multiple Listing Service. In contrast, median prices within the sub-market of Seattle stayed essentially flat last month, having dropped by just $500 from $575,500 in July to $575,000 in August. However, that is a 15 percent increase over August 2014.

Inventory in Seattle followed King County’s lead and increased by a small increment to .91 month’s supply, up from .74 months’ worth in July. Lack of inventory continues to put pressure on the market in the Puget Sound region, with total listings down 29.7 percent in King County and down 32.7 percent in Seattle since this time last year. “The biggest challenges our buyers face are lack of inventory and the quality of homes to choose from,” MLS director George Moorhead said in a statement. Some believe this continued double-digit price growth combined with lack of available properties is not sustainable and that we may see a slowdown in the market as we enter the fall season, when inventory historically drops by about half.

The area condo market has made great strides over the year, especially in Seattle, where the median price rose from $299,000 in August 2014 to $395,000 this year – a staggering 32 percent. Prices increased more modestly countywide, but still showed strong growth with a 19 percent rise.

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

King Co. Home Prices Approaching 2007 Peak

Madrona home for sale - 3609 E Union St. - $1,395,000

Madrona home for sale – 3609 E Union St. – $1,395,000

In the booming, yet ominous year of 2007, the median price for a single-family home in King County soared to $481,000. We all know what happened next – the bubble burst, home values plunged, and homeowners were left to pick up the pieces, wondering if values would ever recover. Seven years later, the Northwest Multiple Listings Service (NWMLS) reports that the median price has clawed its way back to just a hair below the 2007 peak, and now stands at $480,000, up 11.5 percent from a year ago and up 9 percent over March.

Every submarket in King County saw prices increase on a yearly basis in April – several by double digits. Prices on the Eastside rose 6 percent to $654,650; prices in North King County also rose by 6 percent to $416,000; and both Southwest and Southeast King County saw double-digit increases of 14 and 15 percent, to $285,000 and $329,950 respectively. Home prices in Seattle are up 15 percent over the past year to a median of $552,500.

So with the words “bubble” and “peak” in the same sentence, buyers and sellers are wondering if we’re headed for deja vu. According to the NWMLS, area brokers are confident we’re not in the midst of the next bubble, saying that today’s buyers are qualified and the overbuilding that contributed to the previous bust is not an issue today. J. Lennox Scott, CEO of John L. Scott told The Seattle Times that he believes the continued price increases are the result of a strong job market, extremely low inventory (less than a month’s worth), and interest from foreign buyers.

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 Still Experiencing Low Inventory

Even though 2014 is predicted to see an increase in inventory, right now there still isn’t a  big selection for prospective home buyers. According to the NWMLS, while December saw an increase in inventory of 6.2% from a year ago, an increase in sales mostly offset that increase. Wash park home new

While inventory rose slightly across the board in King County last month, it was especially tight in Seattle, where inventory fell slightly. Inventory is still quite tight across King County as we wait for more listings to hit the market, and builders to finish new construction projects. According to the NWMLS the median home price in King County in December was $419,825 which was up 10.5% from December 2012, and $450,000 in Seattle, up 7%. It is an excellent time to list your home in the Seattle area, and if you’re interested in selling your home, contact your local Seattle real estate agent today.

Home Prices in King County Rose 10.5 Percent for 2013

housing marketKing County experienced a 10.5 percent gain in home prices over the past year. The median price for a single-family home last month was $419,825. According to the Northwest Multiple Listing Service close to 1,800 houses were closed on in December, 3 percent higher than a year ago. 511 condos sold which is 14 percent more than a year ago. The median price was $250,000, a 21 percent annual gain. 1,748 luxury homes were sold. That is 40 percent more than in 2012.

The average home’s appreciation in 2013 was around 7 or 8 percent in King and Snohomish Counties. The Eastside had the highest median price at $550,000. Southwest King County had the lowest at $255,390. Seattle had the greatest increase, 14 percent, in closed deals with a median price of $450,000. Snohomish County had a median price of $306,000 for single-family homes which is an 11 percent jump from a year ago December.

Seattle Home Prices Slowly Rising

housing marketWith prices rising 2013 has turned out to be a good year for real estate. According to the Northwest Multiple Listing Service, single-family homes in King County rose 7.5 percent compared to last year. November was the 20th consecutive month of a higher year-over-year median price. In November, the median price for a single-family home in King County was $414,000.

There is still a shortage of homes in the market. People are ready to buy but are not finding their dream homes due to a lack of inventory. 3,820 houses were listed for sale in the month of November which is 2.7 percent more than last year. This is considered a two-month supply. A four to six-month supply would be considered a balanced market. The market activity is mainly being driven by job growth and foreign buyers.

Home Sales Up From Last Year

A Seattle Times article published this week revealed that 2011 home sales are picking up in comparison to data from last year. The Northwest Multiple Listing Service released statistics on Tuesday showing a 35 percent increase in August home sales from the same time last year.  However, prices remain relatively flat with a median price $350,000.  The statistics were limited to King County.  For more information, please view the full article.