The Northwest Multiple Listing Service (NWMLS) released their monthly numbers for April and the news is pretty much the same. The demand for homes continues to grow and home prices continue to increase in the Puget Sound region.
The good news is that homes and condos new to the Puget Sound market surged nearly 10% over April 2017. In King County, home inventory was up 12% from 2017, which was the biggest increase in the past decade.
The median sales price of houses in King County hit $725,000, a new record that is up 16% (or $100,000) from April 2017. In the month of April, Seattle’s median home price was $819,000. This is unchanged from March 2018, but up 13% from April 2017. Eastside home prices in the month of April slightly dipped from their record price of $950,000, but their median home prices are up 7% from April 2017.
Median sale prices also increased outside of King County, rising 15% in both Pierce and Snohomish counties. Pierce County median sales hit $341,000, Snohomish County median sales hit $505,975, and Kitsap County's median sale price went up 12.5% to $335,000.
The only part of King County where home prices didn’t rise was Vashon Island and Auburn had the lowest media home price, at $370,000.. Relatively low prices are driving buyers to Kitsap, and the pressure is causing bidding wars over new listings.
According to the Northwest MLS director, Frank Wilson, there have been some shifts in behavior by both buyers and sellers as the market changes. "As King County buyers spill into Kitsap, they realize they have to be more strategic in their offers, and sellers are paying more attention to the details of an offer, and not always taking the first offer presented.”
For more information, visit:
Puget Sound Business Journal: https://www.bizjournals.com/seattle/news/2018/05/08/homes-prices-soar-nwmls-real-estate.html