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Local Market Update – April 2016
The supply of available homes remains at critical levels, with both King and Snohomish counties showing less than a month’s supply of inventory. With demand far outstripping supply, home prices increased by double-digits over last year throughout the Puget Sound area. The red hot market allows sellers to call the shots. Since some sellers are hesitant to put their home on the market for fear they won’t be able to find their next home quickly enough, many are negotiating with buyers to stay in their house for several months after the sale to ease the transition.
Eastside
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King County
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Seattle
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Snohomish County
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Local Market Update September 2015
The real estate market traditionally cools off in the summer, but August saw a continuation of the market’s hot streak. Home prices increased by double digits over a year ago, fueled by strong demand and the lowest inventory in more than a decade. Rising prices are kindling hopes that more sellers will be willing to put their home on the market.
Eastside
Home values on the Eastside continue to be the highest in the region. The median price for homes sold in August was up 11 percent to $672,000. Very limited inventory translated into brisk sales as buyers snapped up homes at every price point. A $3.7 million home on Yarrow Point sold in just four days after being listed.
King County
The median price for a single family home in King County was $499,950, a 14 percent increase over last August. Inventory has inched up, but the five weeks of existing supply is far below the three to six months of supply that is considered to be balanced. Condo sales were strong, with 22 percent more sales than a year ago.
Snohomish County
Buyers frustrated with high home prices in King County have been drawn to Snohomish County in search of finding more home for their dollar. That demand has driven down inventory, which stands at just under two months of supply. Demand has also pushed prices higher. The median price of a single family home rose 11 percent over a year ago to $366,825.
Local Market Update August 2015
We’re still having record heat in the Puget Sound region, and our home prices are rising with the thermometer. It’s still a roaring seller’s market out there, especially on the Eastside. We continue to have local markets in dire need of inventory, so this is an excellent time to list your home and take advantage of the current market.
• The months supply of inventory continues to decline from the prior year in Seattle and the Eastside, as well as King and Snohomish counties.
• Closed sales on the Eastside have started to decrease in number due to seasonal trends and lowered inventory.
• The majority of those Eastside closed sales in July sold over original list price.
Eastside
The Eastside had the highest increase in home sales prices since last July, increasing 9 percent to $681,600. We continue to have the highest median home prices in the region. Inventory had the slightest increase since June's 1.1 months of inventory with July holding 1.2 months (a balanced market reflects 3 to 6 months of inventory). Total closed sales dropped to 932, 3 percent less than July 2014 and 5 percent than last month's 981 total closed sales on the Eastside.
King County
Inventory actually increased for the third month in a row, but was still held at a stark 1.1 months supply. While median sales prices fell 3 percent from the previous month, July's sales prices were still 4 percent higher than the previous year at $485,000. With inventory so low and the county's higher prices, many potential buyers are being pushed farther out than they would have previously wanted to buy.
Snohomish County
Snohomish County has increased its median sales price 8 percent since July 2014 to $362,987 last month. It holds a stronger, though less than normal, inventory of 1.5 months. The number of closed sales has increased sharply to 1,156 in July, a 19% increase since the previous year. While many potential buyers are being forced out of the Eastside and the Seattle area, Snohomish County proves to be a less expensive and more promising market.
