Local Market Update January 2015
The local real estate market was caught up in a holiday buying spree in December, with demand, home prices and sales all on the rise. Inventory is the one factor that needs a boost.
• It was the busiest December for sales since 2005.
• Prices continued to climb over last year, with a number of areas reaching all-time highs.
• Supply of inventory was at its lowest point in more than a decade.
Inventory on the Eastside continues to tighten, with a little over one month supply in the pipeline. Strong demand and weak supply helped boost the median home price 16.2 percent over the same time last year to $639,350. Several Eastside regions hit all-time highs, including Mercer Island, Redmond, Kirkland and the area of Bellevue west of I-5. The increase in rent prices on the Eastside is outpacing…
View original post 223 more words