Local Market Update December 2015
The traditional seasonal slowdown is taking a break this year. Activity in November was brisk, and home prices continued to climb. Driving the surge in prices is the lowest inventory of homes in more than a decade. The result is a holiday gift for sellers – with limited choices, multiple offers are common. Now is the ideal time to get top dollar for your home.
Seattle is being supplied with a steady influx of well-paid technology workers who can afford the premium price of homes here. Their pressure on an ever-dwindling supply of homes continues to drive prices upward. With inventory at its lowest in over 15 years, prices have soared. The median price of a home in Seattle jumped 20 percent to $598,000, the highest so far in 2015.
The Eastside continues to lead the market in home prices. The median price for homes sold in November jumped 10 percent to $674,000. Even as prices continue to increase, until supply improves, the Eastside remains a very strong housing market. Buyers can expect fierce competition for existing homes, and need to work strategically on presenting their offer. Sellers can expect multiple offers, and the ability to tailor terms to their advantage.
New residents are flocking to King County – an average of about 6,000 people a month so far this year. The increased demand for housing has gobbled up inventory as soon as it hits the market. As a result, home prices continue to climb. The median price for single family homes sold in November was $499,950, a 13.6 percent increase over a year ago. Southwest King County had the lowest median price in the county at $305,970. However, that was 20 percent higher than last November.