Seattle Market Update
Some properties are hot and some not so much. What are the deciding factors: Affordability. Location. Type of Property.
Housing activity during April signaled good news for most home buyers as inventory continued to grow and the rate of price increases slowed, especially in urban areas.
Home buyers shopping for higher-end homes in pricier cities like Seattle and Bellevue aren’t paying any more than they did a year ago and at the same time enjoy more selection than a year ago.
However, home buyers looking for something affordable in the suburbs are in stiff competition with other buyers and inventory there is still too low to meet demand.
Single-Family Homes in King County under $650,000 are considered a bargain; in Snohomish and Pierce Counties homes under $400,000 are a bargain. In these price ranges, homes generally receive multiple offers and sell the first week on the market.
Last month’s median price of a single-family home in King County came in at $690,000 which is down 4.8% or $35,000 from the April figure last year. The median price for a condo unit came in at $403,750 in April this year and is 9.6% lower than last year.
In Snohomish County, the median price of a single-family home last month came in at $500,000 which is 1.2% lower than a year ago.
What it costs to rent, and how that’s changing – check out this interactive map. The first quarter of the year saw steep increases in rents in rural Snohomish County; in the south, Tukwila, Burien and Renton also saw some rent increases. If you are an investor, it might be time to adjust rents to reflect the changes in the market.
Did you know?
The best time to sell your home are the months of May and June according to a national study conducted by ATTOM Data Solutions. Seller premiums were calculated as the percentage of the median sales price that is above the estimated market value at the time of sale and were about 10% higher during these months than the rest of the year. The specific dates to watch are May 24, June 20, June 21, May 31, and June 28, according to the study. We agree with May and June being great months for sellers. However, the national study mentions that July is also a great month but our past experience in the Seattle Area has been that sales actually slow down between the middle of July and end of August and as a result sale prices don’t usually increase during this time.
New Listing! Modern Northgate Townhouse – $423,000 – 10717 Burke Ave N #E, Seattle. Convenient location near everything Northgate has to offer – shopping, restaurants, transit center, future light rail and easy access to freeways. Well-maintained 2 bed / 1.5 bath townhouse with attached garage. Bright and open floor plan, kitchen with ample cabinets and counter space, inviting dining room. Spacious main bedroom with walk-in closet and cheery second bedroom on upper level. Exterior in great condition. Zero-lot line townhouse. No homeowner dues!
5818 East Dr, Everett, WA – $310,000 – 3bed/1.75bath – SOLD! Congratulations to the Utter Family.
Thank you to Jacqueline P. for the referral!
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