The record high housing prices in Seattle have been in the news for over a year and a half now. "Seattle's median home price of $830,000 is up 14 percent from a year ago and sets a record after holding steady at the previous high of $819,000 in March and April" states The Seattle Times. Despite new and increased inventory in May, single-family home prices continued to increase further, still - arriving at the current $830,000 median.
In King County, as a whole, the median home price was $726,275 in May; which was up 15 percent compared to the previous year. On the Eastside, the median home price hit $960,000 and was up 10 percent compared to the previous year. For single-family homes, Bellevue, Kirkland, and Queen Anne/Magnolia have all had year over year increases of over 20 percent (May 2017 vs May 2018).
Condo prices experienced an even more substaintial growth in both Seattle and the on the Eastside. In May, median Seattle condo prices were 20.5% higher at $535,000, than May 2017. On the Eastside, the median price in May was $485,000, which was 18.3 percent higher than May 2017.
These increases may seem like more bad Multiple buyers, however, while prices increased the total number of active listings in King County also increased. May 2018 was the second month in a row that inventory has increased, after years of declining. "The Northwest Multiple Listing Service (NWMLS) has said the increase in listings marks only the third time since October 2016, and the first time since last September, that King County has more than a month's supply of homes." This is definitely a step in the right direction, but we're still a long way off of the five months of inventory needed for a balanced market. More inventory gives buyers a bit more flexibility for submitting offers and just in the number of available homes on the market at once.
Feel free to contact us for any questions you may have about the current market.