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Mar 22

Market Update February 2018

It’s still hot out there!   

February home-sales data show median home prices smashed records in Seattle and the Eastside. Hopeful buyers won’t have much luck elsewhere as median home prices grew at least 15% in every Puget Sound county. ​

 

Both Seattle and the Eastside again have smashed home-price records as the region’s housing market continues to be brutal for homebuyers, even before the peak spring season kicks off.

Seattle’s median single-family-home price hit $777,000 in February, $20,000 more than the previous all-time high set just a month prior.

And yet there is little escape for people priced out of the region’s most expensive markets. Home prices grew at least 15% in every county in the Puget Sound region, according to the Northwest Multiple Listing Service.

Both Snohomish and Pierce counties set a record high for home values, even though prices historically have lagged in the winter. And it’s not just houses: Condo prices surged 22% from a year ago in King County. For the first time, the median cost of a condo in Seattle surpassed half a million dollars. The typical Seattle condo now costs $535,000, up $60,000 from a year ago.

With our Pacific Northwest hyper-job market continuing to outpace almost every metro area in the nation, for now, there is no end in sight for our booming housing market.  Seattle Times, March 6, 2018

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LOCAL ​MARKET UPDATE:  FEBRUARY 2018​

BELLEVUE-EAST OF 405

Median price: $985,000

Change over the year: 22.7%

Number of homes sold: 29

 

E OF LAKE SAMMAMISH

Median price: $860,000

Change over the year: 5.5%

Number of homes sold: 105

 

KIRKLAND-BRIDLE TRAILS

Median price: $1,316,250

Change over the year: 40.8%

Number of homes sold: 28

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