A short supply of housing inventory in King County is continuing to push the median home price upward, and it now stands at $453,500, six percent higher than the median price for June 2013. In Seattle alone, the median price has risen 8.9 percent from June 2013 to $499,000. Though the number of home sales has risen 2 percent from a year ago, there is still less than two months’ supply of homes on the market, far lower than the six months’ supply that constitutes a healthy market. This shortage is sparking bidding wars, especially in highly desirable neighborhoods in Seattle such as Ballard, Queen Anne, and Capitol Hill.
According to an article in The Seattle Times, the homes that are available are selling like hotcakes, often within the first 30 days of being on the market. An impressive 68 percent of homes on the market in Seattle sold in the first 30 days, and 57 percent of homes on the Eastside sold within the first month. Northwest Multiple Listing Service Director John Deely told the Puget Sound Business Journal that even homes in the $1 million+ price range are selling at a higher volume than they have since 2007. So, if you’re looking to sell, it looks like this could be the ideal time. If you’re interested in buying or selling a home in the Seattle area, contact your local real estate agent today.