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Area Home Prices Double In Just 5 Years

 
The term "Hot Real Estate Market" doesn't even do the situation justice any longer. March was easily the priciest month for real estate in the Puget Sound region’s history, and we haven’t yet reached the peak home buying season. In Fact: King County’s median single-family home hit a new high of nearly $600,000 in March — about double the prices seen at the bottom of the housing bust five years ago.
 

Northwest MLS brokers report 50 percent spike in new listings, but brisk sales prompt predictions of “frenzied spring”

  • Over 10,300 new listings met with 10,500 Buyers!
  • Inventory at Historically Low Levels
  • Area Homes For Sale Below 10,000 for 2nd Straight Month (Only 2 times in History)
  • Home Prices jump 11.5%!
  • Inventory Down 23% Over Last Year

In Seattle proper, the median price for a house hit $700,000 for the first time. Prices in the city have also doubled in the last five years, and have climbed $60,000 in the last year. Still in other areas and in the suburbs of the Eastside median prices are considerably higher than Seattle's with price growth at even higher rates.

Areas East of Lake Sammamish driven mainly by the core City of Sammamish itself have seen a 19% increase in home values with a Median price now topping $850,000. And with the busiest home buying stretch of the year about to kick off and the supply of available homes at historic lows, real-estate agents say there won’t be any relief for buyers any time soon.
 
Demand — propelled by rising employment numbers, growing salaries and tenants desperate to escape soaring rents — has far outstripped a supply of homes for sale that reached an all-time low in February, creating intense competition and driving up prices.
 

Median & Average Price of Sold Homes

Median price is the midpoint between the highest and lowest price. Median prices give a more accurate picture of pricing because it's not skewed by unusually high or low priced sales. Find out the price of your home.

 Here is a look at a few other greater Eastside area markets so far for 2017:

Bellevue's Median price is now at over $830,000 with an 11% increase.

Redmond and the surrounding area has seen a 25% increase in property values and is now topping a Median home price of $815,000.

Total active inventory across the 23 counties in the Northwest MLS service area remained below 10,000 for a second straight month. The selection of active listings rose to 9,774 for a 7.5 percent improvement on February’s volume, but compared to a year ago inventory plummeted nearly 23 percent. The lack of supply continues to put upward pressure on home prices. The median price for a single family home that sold in King County was $599,950, up 12.9 percent from a year ago. Adjacent counties also saw double-digit increases in selling prices for single family homes.

As a homebuyer in today’s market, you’re no doubt at your wit’s end trying to find your dream home.

And when you find a home you love,  you’re competing with all cash offers and bidding wars driving the sales price above what it’s listed for, and many times, even above what the home is actually worth!

While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the areas you’re trying to buy in.

See: Bidding War Tips For Buyers HERE

The Cascade Team has represented over 200 transactions where homes sold for more than asking price. We have been on both sides of the deal (Buying and Selling) and can put our detailed experience to work for you!

Multiple offers are here to stay as inventory levels continue to decline due to the lack of new construction and the disappearance of short sales and foreclosures. Buyers and investors are coming out in droves buying up everything with a For Sale sign. And in response to this, smart real estate agents have brushed up on their multi-offer strategies to give their buyers the edge they need to win. Sometimes it is not just about the offer amount, and it is the real estate agents job to figure out what that edge really is.

Winning at a multiple offer presentation begins with understanding how you can put your very best foot forward. There are many ways to make an offer look attractive and not all sellers care only about the price; many of them care about time and convenience. A strong agent tries to find all the possible pain points for the seller and then crafts an offer with their buyers that address those points. There are many different rules (depending on your area of practice) that govern how multiple offers are to be handled and it is in an agents’ best interest to be up on the laws and guidelines in their area.

 

We have many buyers out there looking and with a lack of inventory, we may just have a buyer for your home. Sign up to receive an alert if a buyer is interested.  All it takes is 30 seconds to fill out our online form HERE

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