The Northwest Multiple Listing Service (NWMLS) recently released their March numbers…
- The Puget Sound region has lead the nation in home price increases for the past 17 months.
- The sale of homes worth $2 million or more is up 30% from 2017.
- The median cost of a home in Seattle is now just under $820,000 (beating last month’s record of $777,000).
- Typical homes located in the Queen Anne or Magnolia neighborhoods are selling for an average price of $1.28 million.
But what if you don’t live in the Seattle area?
- The median home sold on the Eastside sold for $926,000.
- Single-family home prices grew 11.8% in Snohomish County, 18.6% in Pierce County, 18.5% in Kitsap County.
- The median price for homes in Kitsap county reached $339,225 in March, which was up by almost 20% from March 2017.
- Kitsap had the largest year-over-year increase in home price at 19%.
- Kitsap County’s market supply of active home listings dropped 35% year over year. This was the largest drop in available inventory in Washington state.
- Bainbridge Island is typically the highest-priced market in the county. Island home prices increased year over year from $635,000 to $850,000.
- The industry standard for a balanced housing market is an inventory of 4-6 months. In the Puget Sound, there are about 1.2 months of supply. Snohomish County is at 0.67 months, King County is at 0.83 months and Kitsap County is at 0.95 months.
“Like Bringing a Knife to a Gunfight”
Brokers have seen buyers experience major fatigue in this sellers’ market. Brokers recommend that before they even start to look at homes, buyers should get their finances in order and get a pre-approval letter. Stories of homes being sold well over listing price, or paid for in all cash, have become more and more common. Buyers will need to be prepared for some frustration in this competitive market.
Sellers are in a different predicament. Because homes are selling so quickly, sellers should have their next home lined up before they list their current home. Brokers also recommend that they put their best foot forward when listing their home. Ensuring that their home is updated, and all necessary repairs are made, will undoubtedly result in a better sell.
And then some homeowners are opting for another option… staying put. Housing inventory is low because homeowners are exhausted from their search, or too intimated to look in the first place, and are instead hiring contractors to manage large-scale renovations to make their current home more livable.
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