Seattle Housing Market 'another Frenzied Spring'
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!
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