How much can you buy for $450,000 nowadays in Seattle? The answer depends on a few things. June's median price of single-family homes in King County was $500,000 - about 10.3% higher than a year ago. In Seattle, the median price is even higher at $559,950 - 14% higher than a year ago. The main culprit is inventory shortage. King County had less than a month's supply of singe family homes and condominium for Sale from March to May. Equilibrium point is between 5 to 7 months inventory. Inventory is also at historic lows in Snohomish, Pierce, and Kitsap counties. In January 2016 - King County's inventory was 31% lower than a year ago. Another culprit for bidding wars is - Californians, specifically Silicon Valley refugees of brutal housing market with median price for a house in greater San Francisco/San Jose market has now surpassed $1 million. Seattle was listed as the No. 1 city in the country - according to Redfin. Buyers have hit the gas offering premium prices, fearing higher interest rates and to beat other offers on the table. This might echo the bubble years. The different between this market and the pre-2007 bubble was that the underwriting guidelines for home financing now is more stringent than back then (sorry still no stated income loans). The run-up is also fueled by job growth, new demand from foreign buyers (particularly from newly minted Chinese middle class), and millennials. Steps you can take to secure your house in a seller's market:
If prices for single family homes priced you out - consider buying a condo unit. In most areas - condo prices are still well below the Pre-2007 burst. Renton - $132,500, Auburn $120,500, Federal Way - $93,000, SeaTac - $80,000, Burien, Vashon Island, Kent, West Seattle, Mercer Island, Seattle, Bellevue, Issaquah, Newcastle, Kirkland, Redmond, Woodinville, Kenmore, Shoreline.
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