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
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
Median price: $1,316,250
Change over the year: 40.8%
Number of homes sold: 28