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Record low inventory has placed the area in an extreme seller’s market. 70 percent of homes sell in the first 30 days. With 30 percent less inventory than a year ago, multiple offers are all but guaranteed. If you’re selling, you can name your terms. For those looking to buy, it’s critical to work with a broker to arrange for financing, and create a strategy for escalation clauses and back-up offers.
King County
Strong population growth fueled by the area’s healthy job market continues to starve the region’s already limited inventory of homes. Depleted inventory resulted in sales that were down nearly 15 percent compared to last January. Not surprising, since inventory was down more than 31 percent. Limited supply pushed single family home prices up 11 percent over a year ago to $490,970. Those shopping for a relative bargain searched outside the city core. The median home price in Southwest King County was $304,103. The median price in Southeast King County was $350,000.
Seattle
After hitting all-time highs in the past few months, home prices here reached a new peak. The median sale price of a single family home in Seattle rose to $618,450 in January, a whopping 20 percent increase over a year ago. Inventory is razor thin. The Ballard neighborhood has just 20 homes currently for sale. Sellers are solidly in the driver’s seat, and have the luxury of choosing from multiple offers and being able to drive terms to their advantage, whether it’s closing time, amount of earnest money, or other concessions. More.
