Expect to see housing prices to go up
“We’re a fast-growing area with not enough houses and condominiums on the market,” said Alon Bassok, a researcher at the University of Washington’s Runstad Center for Real Estate Studies. “We can expect to see housing prices go up.”
King County Residential
Last month’s median price of single-family homes sold in King County was $441,500, nearly 8% higher than January 2014. About 2% more homes sold than last year, and Pending Sales (sold but not yet closed) were also up making it the best January in nearly ten years.
In King County, there were 14% fewer residential listings. The inventory is about 2-months whereas 4 – 6 months is considered a’balanced’ market. Some say that the shortage is actually worse than the numbers show because a significant chunk of the two-month supply is not in salable condition.
King County Condominiums
In the condominium market, buyers snapped up 13% more units in Seattle compared to a year ago. Seattle’s median condo price was $306,576, about 6% higher.
About 14% fewer condos on the Eastside were sold compared to last year with the median price about 10% higher at $285,000. King County’s median condo price rose 6% annually to $238,500.
Snohomish, Pierce and Kitsap
The number of listings in Snohomish County was down 7% from a year ago. The median single-family price in Pierce County was $220,000, essentially the same as a year ago, and in Kitsap, $230,000, 6% higher.
Condominium prices jumped sharply in Snohomish and Pierce counties: Snohomish’s median price of $215,000 was 23% higher over the year, while Pierce saw its median soar 70% to $184,000.