Serving Greater Seattle and North King County
Doug Holman
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Seattle home prices up again

MARKET UPDATE

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In short, the real estate market is still hot in the greater Seattle area. Prices had actually fallen a bit between July and August but are up again for September and October.  The inventory of homes is still low, less than a 4-6 month supply which signifies a balanced market.  The median price of a home in Seattle at the peak of the market in August of 2007 was $466,000.  Today the median price for a Seattle home is $465,000. Shoreline, Bellevue, Kirkland, all have median prices that are within 3% of the peak prices. Wow.   Aubrey Cohen from the Seattle – PI goes into more detail below…..

Doug (206-930-1733)

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Seattle-area home prices up again

By AUBREY COHEN, SEATTLEPI.COM STAFF

After retreating a bit in August, Seattle-area home prices rose again last month, according to a new report. The median price of a King County house that sold in September was $460,000, up 5.3 percent from August and 9.5 percent from a year ago, the Northwest Multiple Listing Service reported Monday. Seattle’s median price was $517,000, up 3.4 percent from August 12.15 percent from a year ago.  “It’s looking pretty frothy out there,” said Stephen O’Connor, director of the Runstad Center for Real Estate Research at the University of Washington. “Double-digit increases, it’s not the norm.”  Prices had fallen a bit in the city and county from July to August, although they still rose from August 2013. O’Connor noted that August tends to be a slow month in Seattle.  One reason for the rising prices is that inventory (how long it would take all the homes on the market to sell at the current rate of sales) remains well below that four to six months considered the balance area between supply and demand.

For the complete article:  http://www.seattlepi.com/realestate/article/Seattle-area-home-prices-up-again-5805039.php

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