Seattle Market Update – October 2014

After a bit of a lull in August, prices just took off in September. The median price of single family homes sold in King County in September was up 9.5 percent from last year to $460,000. Prices in Seattle jumped 12.1 percent to $517,000. The Eastside saw home prices increase 6.3 percent to $605,000.

Inventory continues to inch up, but it’s still tight – particularly in neighborhoods close to the city core.  King County has a little more than two months of inventory. Four to six months is considered to be balanced, so we remain solidly in a seller’s market.  It does feel like buyers may be experiencing a little frenzy fatigue. After a summer of weathering multiple offers and escalation clauses, we’re seeing buyers being more discriminating in the home buying process. It’s a good reminder for sellers that even in a hot market, a home needs to be priced correctly to sell.

Luxury home sales have been very strong.  Seattle’s economic boom has attracted a number of highly-paid professionals, and there aren’t enough high-end homes on the market to meet demand.  There has also been a large influx of foreign buyers, particularly from China, that has added to the strength of the luxury home segment.

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