If you’re searching for a piece of somewhat good news for home seekers, the Eastside’s median price fell $5,000 from last month’s record, and now sits at $875,000. That’s still up 15.1% from a year ago.
For the first time since before the recession, the entire central Puget Sound region — from Kitsap to Tacoma to Snohomish — has set new records for median home prices. And Seattle, which has been setting new price records every month, is now on the verge of a once-unthinkable milestone: $1 million for the typical house across some large neighborhoods.
Seattle’s new record price for the median single-family house is $729,000, an extra $7,000 from a month ago and up 13.7 percent from a year prior, according to the Northwest Multiple Listing Service.
Buyers are getting nailed at both ends of the price spectrum.
Seattle is about to get its first big million-dollar neighborhood, with prices in the Capitol Hill/Madison Park area having grown to $997,000. That’s up an extra $100,000 from a year ago. The Queen Anne/Magnolia area isn’t far behind, at $900,000. (The data doesn’t drill down further, though some smaller neighborhoods near the water likely already surpassed the $1 million mark earlier.)
And in the cheapest part of town, in southeast Seattle, prices soared an astounding 31 percent from a year ago. Even cheaper areas around the county like Enumclaw and Des Moines had similar increases.
John L. Scott Real Estate said its brokers expect the frenzy to continue until at least summer 2018.
At Windermere Real Estate in Belltown, managing broker Jed Kliman is also bullish on the “super intense” market continuing.
“My personal and professional opinion is we are not in a bubble,” Kliman said. “Everybody is asking about that, it’s on everybody’s mind.” But he noted that Seattle is the fastest-growing city in the country, while homes for sale are at historic lows — a sign of an underlying supply-and-demand imbalance. “I don’t see any of that changing. I do believe things will keep trending in the same direction.”
If you’re searching for a piece of somewhat good news for home seekers, the Eastside’s median price fell $5,000 from last month’s record, and now sits at $875,000. That’s still up 15.1 percent from a year ago.
Adding frustration is the seemingly never-ending huge drop in the number of homes for sale. That’s driven up competition — making Seattle the city with the most bidding wars in the country — forcing buyers to waive inspections and offer more cash up-front, and pushing the home shopping experience into an endeavor that often takes six months to a year.