Homes in Seattle s Capitol Hill neighborhood. (Seattle Municipal Archives)
The latest data indicates that housing prices in the Puget Sound region are continuing to grow rapidly. Despite that, Windermere Chief Economist Matthew Gardner also believes that there’s a bit of good news for buyers as well.
The median price of a residential home in King County grew by 16% year-over-year as of April, with similar increases in Snohomish (28%) and Pierce (23%) counties. That has options scarce for the time being, with the Northwest Multiple Listing Service (NWMLS) estimating that it will likely take between four to six months for the Puget Sound region to shift to “a more balanced market.”
5/05/2021 08:15:00 PM
Note: Inventory is down sharply in the Northwest almost everywhere except Seattle. And inventory is low in Seattle too, but was even lower a year ago.
Remember - sales slumped in April 2020, so the year-over-year sales comparisons are crazy.
Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices might mean we are seeing some relief for buyers, suggested John Deely, a board member at Northwest Multiple Listing Service.
In commenting on the latest statistics from Northwest MLS summarizing April activity, Deely said the market remains hot while emphasizing active listing numbers do not always reflect actual overall activity. With a market like ours, and the velocity of new listings moving to pending status, active listing data tend to get more attention, stated Deely, the vice president of operations at Coldwell Banker Bain.
Big spenders head eastâwith one very notable exception.
By
Seattle Met Staff
4/22/2021 at 9:20am
Mercer Island is, let s say,
exclusive.
When people talk about Seattle s billionaires, they don t often mean
Seattle s billionaires. Sure, former Starbucks CEO Howard Schultz still lives within city limits, but our other famous three-comma club members (is Bezos at four yet?) actually reside in the Eastside suburbs. Amazon s founder owns a house in Medina, a small city on Lake Washington that s still big enough for his richest-man-in-the-world forebearer, Bill Gates, to also call home. And Steve Ballmer, the one-time Microsoft CEO and current owner of the Los Angeles Clippers, recently bought another pad in Hunts Point.
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