Seattle Market Update – August 2014

Inventory is edging up. More sellers put their homes on the market last month compared to a year ago, but there is still less than two months of inventory in King County. And hot markets like Ballard, Green Lake and North Seattle have only about a month of inventory. Four to six months is considered to be balanced, so the market continues to favor sellers. The summer heat has put the brakes on somewhat, but we still are in a fast paced market.

This enormous demand for homes close to the city center has resulted in rising prices. The median home price in King County in July was up 8 percent over last year to $468,000. Seattle saw prices jump 17 percent to $543,500. On the Eastside, home prices were up 10 percent from a year ago to $624,900.

We continue to see multiple offers and bidding wars in highly desirable neighborhoods. A Seattle Times analysis shows that almost 40 percent of homes in King County sold for more than list price between April and June. There just isn’t enough inventory of the right homes in the right locations to satisfy demand. As I write this there are just 28 homes for sale in Green Lake, and 11 homes on the market in Laurelhurst.  Needless to say, whether you’re looking to move up or fly the empty nest, it’s a great time to sell a home.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay