Local Market Update – October 2015

Strong sales continue to whittle down a dwindling supply of homes. The lack of supply to meet demand kept driving home prices upward in September. While the Puget Sound area saw steady appreciation over a year ago, there are signs that that the frenzied level of growth may be starting to moderate – good news for a market that was starting to look unsustainable. Click images below for full reports.

Eastside

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The Eastside continues to lead the region in home values. The median price for homes sold in September was $680,000, an increase of 12 percent over a year ago. Sales were up as well, with many homes selling within days of being listed. As a result, inventory is at historic lows, with only a six week supply available. That is far below the three to six months of supply that is considered to be balanced.

King County

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Home prices rose a moderate seven percent in King County as compared to last year. The median price for a single family home in September was $490,250. Areas farther from the urban core are relative bargains, with the median price in Southeast King County coming in at $344,975, and at $304,000 in Southwest King County. Inventory remained tight throughout the region, with just five weeks of available supply.

Seattle

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The Seattle market continues to be very hot. Homes are snapped up as soon as they come on the market. As a result, the city has under a month of available inventory, the lowest in the region. Home prices climbed 10 percent over last year to a median of $571,000. That increase hasn’t seemed to decrease demand from buyers, who have become accustomed to facing multiple offers on newly listed homes.

Posted on October 14, 2015 at 7:04 pm
Kay Zatine | Category: Market Updates | Tagged , , , ,

How Much Home Can You Afford?

It's a great time to buy a home right now. With low rates and high home values, many are taking advantage of moving up. It's also a good time for first-time homebuyers to make their move since rent costs continue to increase. If you're ready to jump into the housing market, do you know how much home you can afford?

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3 More Reasons Why Now is a Great Time to Buy

Posted on September 30, 2015 at 8:38 pm
Kay Zatine | Category: Tips for Buyers | Tagged , , ,