Seattle Housing Market 'another Frenzied Spring'

By VDB Compass
2017-04-06T16:00:00.000Z

Puget Sound Business Journal expects the Spring to bring another busy real estate season! 

The number of homes listed for sale have increased to almost 6,300- this is a 50% increase since February. You would expect this to be great news for buyers, giving them more options to buy. However the supply and demand is not equal, creating a tight inventory that is pushing home prices even further up the scale. In King County, median sales prices for single-family homes is almost $600,000! An already 13% increase since March 2016. Other counties are feeling the increase as well- Snohomish County with 10.4% increase, Pierce County at 11.3% increase while Kitsap County has received the most modest 3% increase in median home prices. 

"This lack of supply continues to put an upward pressure on home prices," said Mike Grady, president and chief operating officer of Bellevue-headquartered Coldwell Banker Bain. "We're in for yet another frenzied spring."

John Deely, principal managing broker at Coldwell Banker Bain explains that a year ago, brokers advised buyers to bid 10% above listing price, now they are advising to bid 20% over asking price in specific areas.

Our luxury market is remaining strong with the number of homes that sold or closed over $1 million up 61% in just one year!

Get ready for Spring!

 Are you thinking of buying or selling? We are here to help with your real estate goals!

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