Home prices nearly double in six years going from $407,000 in December 2011 to $810,000 in December 2017.
The year is over and 2017 has shown to be one of the best years in recent memory for equity gain while creating more and more competition due to dwindling availability of homes. Pricing has recently reached all time highs with the median prices doubling over the past 6 years. That being said we don’t see it changing anytime soon with Consumer and Builder confidence on an all-time high. Those looking to Sell in 2018 will need to position their homes in the best possible light to receive top dollar and Buyers will need to be truly prepared to Buy in order to be awarded a New home in 2018!
Eastside (based on Residential and Condominium report):
- Home prices nearly double in six years going from $407,000 in December 2011 to $810,000 in December 2017.
- The number of homes sold in December is virtually unchanged from a year ago (538 vs 541) even though there are 22% fewer houses for sale (451 vs 530).
It feels like 2018 will be similar to the past few years. A total frenzy until summer and then a flattening in price for the second half of the year. Interesting consistency in the past three years:
- Big jump in median closed price in December.
- By April or May the closed Median Price has reached the level it will remain close to, until the big jump in December.