King Co. Home Prices Are Near 2007 Peak

The Seattle Times has recently reported that home prices in King County are now just shy of where they were in our last housing market peak in 2007.

The median price of a single-family home jumped in April hitting $480,000, just $1,000 shy of the peak set in July 2007 before the housing bubble burst.

April's median price was 9 percent higher than in March and 11.5 percent higher than a year ago, according to data from the Northwest Multiple Listing Service.

Buyers have hit the gas, fearing higher interest rates and offering premium prices in the face of a record low inventory of homes for sale.

April was the second month in a row that King County had less than a month's inventory (a ratio of active listings to pending sales). That scenario hasn't happened in at least a dozen years.

Inventory is also at historic lows in Snohomish, Pierce and Kitsap counties as buyers priced out of King County look for affordable homes elsewhere. 

In the four-county region, pending sales (mutual deals that haven't closed yet) hit their highest level in any April in at least 15 years, according to the MLS.

We can expect this kind of activity at least through spring of 2016. However, it doesn't seem as if we're in a bubble that's going to crash like in 2007–it just won't be this overheated forever.

Read the full story from The Seattle Times for more information.

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Posted on May 8, 2015 at 9:00 am
Steve Harwood | Category: Housing Market Statistics | Tagged , , , , , ,

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