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Record High Home Prices Meet Low Inventory

Published on May 9, 2017 by Carrie Watt

We have hit record high home prices again in April across all three counties in Western Washington. Due to the limited supply of homes available in the area, this doesn’t appear to be changing anytime soon. Seattle Times and the NWMLS both published some impressive stats for the month of April across the board.

Seattle has set a record for home prices for the third month in a row, with the median housing cost nearing $722,000, up $22,000 in just the past month.

In Bellevue, the median home is almost $900,000, the biggest jump ever, after rising $150,000 in just a year.

Snohomish County home prices are rising at their fastest pace in four years, putting the median home price at $440,000, a growth of 17.3% in the past year.

King County median home prices grew 15% from last year and are at  $625,000 for the first time ever.

While prices are increasing, the number of houses on the market is down 27% compared to a year ago. Inventory is the lowest recorded for this time of year when buyers often have a lot more options. For example today, King County has less than 1,900 houses for sale but in April 2011, it had close to 8,000.

At the same time that we are experiencing lower housing inventory, demand is increasing as incomes and employment rise, allowing pricing to continue to inflate.

For example, the median income is now $80,000 in Seattle, which has increased by nearly $10,000 in one year.

Unemployment rates have dropped to 4.7% across Washington State, the lowest in 10 years. In the cities of Seattle, Bellevue, and Everett, the unemployment rate is at 3.3%, the lowest since March 2008! Amazon alone has nearly 10,000 jobs openings in the city of Seattle, bringing more people into the city.

The biggest question that you may be wondering; so IS a bubble coming? For everything we can see, economists are saying we are not going to experience a bubble in the Seattle area anytime soon. Real estate prices are going to continue to climb due to the increasing population and growth within the city of Seattle and surrounding areas.

Click here for the complete Seattle Times article or check out the NWMLS complete statistics here.

 

Are you looking to buy or sell your home in this fast-paced market? We can help! Contact us today at experts@pointe3.com!

 

Carrie Watt - “Pointe3 Real Estate - not your cookie cutter real estate brokerage. ”

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