The colder weather and shorter days of winter signaled a cool down across the board for real estate. However, as we enter into Spring, the housing market begins to thaw. The median home price in King County has continued to rise with the temperature, hitting nearly $600,000 in February; the Eastside, Snohomish County and Seattle proper all set new price records. With many houses selling for well over the asking price, buyers are anxious to place their bid now instead of waiting until the busier spring season. The continued low inventory is due in part to the high demand, but also to the number of people unwilling to put their homes on the market while knowing they will have to purchase another expensive property.
Homes may be few and far between, but condos are even harder to find. The Seattle Times reports that there are fewer than 300 condos for sale in the entire county. In a breakdown by neighborhood, the Eastside median home price reached $832,000. Surrounding suburbs also saw high annual increases as Seattelites migrate out of or are priced out of the city center. The potential silver lining for prospective homebuyers? There were a select few areas that saw price drops, such as Sodo/Beacon Hill, Mercer Island, Kirkland-Bridle Trails and Enumclaw.