We are pleased to announce the Realogics Sotheby's International Realty 2016/2017 Market Report! The full publication features editorial content and a full review on trends to watch and year-end statistics. We were particularly interested in the Eastside numbers and wanted to share some of the more interesting pieces from the report.
Not surprisingly, King County median selling prices of homes increased 12.64% and reached record numbers on the Eastside. In the report you can see the breakdown of increases sorted by zip code. Several of the Eastside zip codes increased at higher rates than the rest of the Western Washington area, as a whole. The central Bellevue area, including Clyde Hill, increased 20.53% in median home selling price. That's huge! Also, the larger Sammamish area rose 14.84% in the 98075 area code to a median selling price of $913,000. One of the highest in the entire county.
In Bellevue (west of I-405) saw a switch to a seller's market in March of 2016; and monthly inventory averaged 2.8 for the year. In 2016 the median sale price of $1,257,000 for single family residences and condominiums was 157.6% higher than the King County median. Even at premium prices, Bellevue West witness a third consecutive year of double-digit price growth. Kirkland, an unbroken seller's market for nearly four years, saw their home supply average just 1.2 days in 2016! To compare, Woodinville supply averaged 1.1 month, and Redmond averaged 1.2 months.
All of these details are just scratching the surface of the report; which we'd reccomend to real estate agents, home buyers, and home sellers alike. The full report can be found on our Year-End Market Report page. Or, if you'd like a paper copy please contact us.