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Inventory hits record low

June 14th, 2017 9:00 PM by Sam Kader

It's official 2017 is the first time since before the recession that the entire Puget Sound region from Pierce to Snohomish and Kitsap counties has set records for median prices with Seattle taking the lead with average milestone of $1 million for typical house around Capitol Hill and northeast of downtown. Seattle's new median price for a single-family house is $729,000 up 13.7% from a year ago with median prices reaching $997,000 for the area centered on Capital Hill and Madison Park, stretching from Interstate 5 to Lake Washington and from Interstate 90 to the 520 bridge.  The Queen Anne/Magnolia area median price is at $900,000. With continued job growth and low mortgage rates, expect the frenzy to continue until at least summer 2018.  Continued drop in the number of homes for sales and fierce competition make Seattle the city with the most bidding wars in the country forcing buyers to waive inspections and offer more cash upfront, and pushing the home shopping experience into an endeavor that often takes six months to a year. 

While homeowners are thrilled to regain equity in their homes, many are not in a hurry to trade up. This has added to the inventory gridlock, contracting supply and decreasing affordability. Higher home prices have also push Seattle renters and potential homeowners away from King county to Snohomish and Piece county line despite potentially a much longer commute. In Snohomish - median home prices increased 14.9% from prior year, Pierce county increased by 12% and King's 8.7% - the smallest  increase of four local counties. 
  
King county's median single family home price was $560,000 in February 2017 (6.7% higher than in January 2017 - that's the biggest increase in home prices since 2015).  In Seattle, median single family home sold for $675,000 nearly double over the last 5 years. The situation is even worst for condos as the numbers across the county plummeted 42% from a year ago. 

Interested in affordable homes in Seattle? Your first step is to obtain a Pre-Approval from me. 


Posted by Sam Kader on June 14th, 2017 9:00 PM

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