Seattle Home Prices Continue to Skyrocket as High as 18 Percent in February 2018
Though the winter months have historically given way to slowdowns in the real estate market, Seattle remains red hot, as Puget Sound Business Journal reports that in Seattle, “some buyers are submitting offers telling sellers to fill in the price,” while prices in Mercer Island and the Eastside saw median sales prices over $1 million.
Record low inventory amidst rising demand continues to fuel price growth, as there were 14.4% less homes available for sale in February 2018 in the four-county area than last year. Median sales prices increased nearly 18% in Snohomish County to $485,500, while King County prices jumped 15% to $649,950. And “Kitsap and Pierce counties increased by similar rates to $329,100 and $325,000 respectively.” Looking to the condo market, competition grows fiercer with figures above the 20-percent mark. Snohomish County prices grew 28% to $345,000 and King County increased 22% to $415,000.
It was expected that “slightly rising interest rates and the new tax law that limits mortgage interest deductions” would temper the market, however they don’t seem to have made much of a difference. In a recent Zillow report ranking the top 35 U.S. housing markets based on how accommodating they are for new homebuyers (based on affordability, competition, and forecasted values) and Seattle ranked 31st, “one spot below New York City and ahead of Washington, D.C., San Jose, California, and Los Angeles and San Francisco.” Inventory is expected to grow over the coming months, which should help stabilize appreciation within today’s market.