Historic Spike in Puget Sound Home Prices

Home prices in some Puget Sound areas are higher than ever before, and real estate experts say buyers are willing to spend more and more to get their dream home.

Local homes are now more expensive, on average, than during the housing boom of 2007.

As we've been hearing for a few weeks, we're still in the middle of an all-time inventory low for five straight months. This is having potential homebuyers struggling through many multiple offer situations.

"The cities of Seattle, Bellevue, Redmond, Issaquah, home values are actually more expensive than they have ever been," said Svenja Gudell, Zillow's director of economic research.

The median price for a home sold last month in Seattle was $535,000, which is 19 percent more than the same month last year and the biggest year-to-year jump in five years.

Prices are even up in Snohomish and Pierce counties, but not nearly as much as King County.

We probably won't see a slowdown in the rising prices for few months while the market caters to sellers in the Puget Sound. At least not until we see an increase in inventory.

Read the full article from KOMO News for more information.

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Posted on April 17, 2015 at 9:05 am
Steve Harwood | Category: Home Buying, Home Selling | Tagged , , , , , ,

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