The Northwest Multiple Listing Service numbers are out for March and topping the news is that the median sale price for homes in Seattle hit a record $700,000, double what it was 5 years ago.
Great news for buyers is that the number of new listings was up more than 50 percent over February. However, with an even greater number of pending sales, inventory remains near historic lows. This lack of supply continues to put pressure on home prices, with multiple offers and bids over listing price becoming the norm.
Neighborhoods seeing the biggest price jumps continue to be mostly outlying areas as more buyers get priced out of Seattle. Downtown Seattle and the Renton-Highlands/Kennydale area were the only places where prices dropped.
Numbers for the Month
- The median price for a single-family home sold in King County was $599,950, up 12.9 percent from a year ago
- In Snohomish County, prices were up nearly 10.4% to $425,000
- Pierce County home prices increased 11.3% to nearly $295,000
- Kitsap County saw slower growth with prices up just 3%, to just over $285,000
- Condo prices continue to accelerate the fastest, with people looking for cheaper alternatives. The median price of a condo in Seattle was $434,000 in March, up 14.2 percent from a year ago
If you’re thinking of selling, the opportunity is historic. And as inventory increases as expected in the late spring and summer, sellers who have been waiting to put their homes on the market should find it as easy to purchase their next one as it is to sell their current one.
See more of the NWMLS data for March here, and as always, please let us know how we can be of help to you in the home buying or selling process.