News that hits us where we live.
March 2016 | Sellers’ Market Remains, Home Prices Expected to Climb
Home prices in King County reached new highs in February as buyers tried to outbid each other for the sparse inventory throughout the Puget Sound area.
We're in for another crazy spring real estate market!
With the number of single family homes for sale in King County down nearly 30% from a year ago, prices on last month's sales surged 19.8%, jumping from $429,900 to $514,975. Condo prices swelled 19.6%.
King County prices jumped nearly 20%, bringing the median home price to an all-time high. Condo prices in King County jumped 26 percent from a year ago, rising from $257,000 to $323,975. That compares to a median selling price of $514,975 for single family homes that sold last month in King County.
Many buyers are seeing the wisdom in investing in a condo as a means to take advantage of low interest rates and get into homeownership. We have noticed an increase in demand for condos and townhomes as they are becoming more affordable for first-time buyers.
The fast pace of sales combined with shrinking inventory means many areas remain in the throes of a sellers' market. While inventory levels remain low, sales continue to see improvement over last year.
Starting this month, we'll start to see an explosion in the amount of sales activity for the next eight months. With so many hungry buyers out there, market conditions still require buyers to make an instant response.
Although the current market poses some challenges, brokers remain optimistic about the market's strength with pending sales projected to continue a long steady climb well into 2017. Long-term interest rates are likely to remain stable with job growth in the region remaining strong.