What’s Happening in the Market
Home sales continue to be slightly above last year’s totals in the areas tracked in this report. We are continuing to see double digit price increases spread out from the core of Bellevue and Seattle due to the somewhat exorbitant prices now demanded from the metro area Sellers.
Inventory hit an all-time low in February which at last count was 3 weeks of inventory if nothing new came on the market. (That’s weeks, not months!) We do expect to see an increase in listings in March and April, but Sellers are still wary of putting their home on the market with nowhere to go. Buyers and Buyers agents are having to be creative with their offers as we are seeing at least 50% of the sales occurring are done in multiple offer situations. We don’t expect this to change anytime soon!
King County Residential Home Price-Increase in 2016
|Shoreline/Richmond Beach||$439,725–> $503,393|
|Lake Forest Park||$432,250–> $505,350|
|North Seattle||$575,000–> $679,950|
|Queen Anne/Magnolia||$780,500–> $882,500|
|Central Seattle||$689,999–> $774,995|
|SODO/Beacon Hill||$420,000–> $501,975|
|West Seattle||$450,000–> $511,500|
|Southeast Seattle||$441,500–> $500,000|
|West Bellevue||$1,751,000–> $1,948,000|
|East Bellevue||$638,950–> $730,000|
|East Lake Sammamish||$645,000–> $736,001|
|South Bellevue/Newcastle||$713,000–> $788,888|
|Mercer Island||$1,195,000–> $1,315,000|
All data compiled from information supplied by Northwest Multiple Listing Association on 1/01/2017 Accuracy of information herein is not guaranteed.
This information was only taken of single-family homes, and does not include condominiums or vacant land.
What’s Happening In The Market
While we have seen a typical slowdown in transaction side during the holiday’s it is still very active and pricing seems to be holding steady during this last quarter. While the political landscape has caused some uncertainty in many markets around the country it does not appear to have affected ours up to this point. Interest rates having risen ½ point over the past couple weeks have caused some to start thinking about making a move now vs. later. Buyers having lost more than 5% of their buying power due to the rate hike rightfully have concerns about them continuing to rise.