Seattle Market Update – July 2014

This may be the greatest market for sellers that I have seen in all the years I’ve been in the real estate business. Strong appreciation, multiple offers and escalation clauses are translating into record prices for homes.

Part of the story is lack of inventory, particularly in neighborhoods close to the city core. Currently there is less than a two-month supply of homes on the market. Four to six months is considered to be a balanced market.

With not enough supply to meet demand, prices continue to go up.   The median price of homes sold in King County in June was $453,500, up  6 percent from a year ago. Home prices on the Eastside increased 6 percent to $630,000. Seattle’s median price was $499,000, up 9 percent from last June.

Sellers: Homes in hot neighborhoods that are well-priced and in good condition can expect multiple offers and escalation clauses. If you’ve been on the fence, I’d jump off. You’d be hard-pressed to find a better time to get top dollar for your home.

Buyers: Competition is tough, so the home search can be frustrating.   Make sure you are fully approved for financing before making an offer. Assume that you will be dealing with multiple offers, and work with your broker ahead of time on strategies for getting the home you want. This is a market where creative negotiating on your broker’s part can really pay off.

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