The good news in the Puget Sound real estate market is that buyers now have more homes and condominiums to choose from however the bad news is they may be competing against more buyers. Prices are continuing to climb which is surprising since we are seeing more homes on the Seattle market, however, with more buyers comes more competition thus keeping the price is relatively high. In August for 2016, the median sales price of property in Seattle increased between 9% and 13% in both Snohomish and Pierce County. King and Kitsap County saw jumps of 11% and 12%. In July those increases were up to 15%.
In the past, many listings drop by about 50% between November and February so within the next two months are probably some of the best times to buy a home before rates are really skyrocket. Inventory will be down and yet many buyers will still need to find homes.
Experts across the Puget Sound region are seeing a higher demand for entry-level homes. For instance: a recent open house for a condominium in the South Lake Union area drew more than 100 visitors a day according to a local real estate agent. This shouldn’t come as any surprise since many tech-focused workers are moving into these areas and are becoming the main demographic for home buyers in these areas.
West Bellevue is one of the highest priced markets in the Puget Sound region with the median sales price of nearly $2.2 million. Outlying areas such as email call have some of the lowest at $320,000. For downtown Seattle the median sales price of $625,000 and the median for the Eastside altogether, including Bellevue, Kirkland and Redmond is about $769,000.
We are seeing a little bit lower prices just north of Seattle and Snohomish County were $400,000 is the median price for a single-family house. To the south and Pierce County, it’s roughly $285,000 for a house and $196,000 for condominiums.