2007 was the year of aggressive home sales but in 2015, those highs are no longer relevant. Last year alone there were over 88,000 homes sold resulting in an over 14% gain over 2014. According the Northwest Multiple Listing Service for the Puget Sound, there were 75,975 single family homes and 12,356 condos or multi-family style properties valued at $34 billion. That’s 23% higher than in 2014.
The previous highs were in 2007 where the NWMLS registers just over 82,000 sales valued at $32 billion.
In 2015, the median price for single-family homes and condominiums was $310,000. In 2014 it was only $285,000. For King County, the median home price was $480,000 compared to $440,000 in 2014. Over 9% more homes sold in 2015 and 2014 in King County. In Pierce County, there was a nearly 17% increase over 2014. The median home price was $249,950, up from $230,000 in 2014. The number of homes sold was just over 17% from the previous year and Snohomish County was up just under 17%. The median home price for Snohomish County went from $326,360 in 2014 to $355,000 in 2015. [Source]
Even though there is lower inventory throughout the Seattle region, prices a number of sales continue to climb. The median home price for downtown Seattle is roughly $439,000-$500,000 with higher priced communities upwards of $765,000. Eastside cities such as Bellevue, Kirkland and Mercer Island have median list prices from $847,000 to $1.8 million.
For more information on the Puget Sound real estate market check back with our blog regularly and to find out what your home is worth, contact Mary Pong with Better Properties.