Quick Housing Market Update for Seattle
Home supply is still low in the Seattle area, and prices continue to rise. The median price for a single-family home in King County this January was recorded at $441,500, up from $410,000 in January 2014. The city of Seattle saw the median price rise to $517,500, up 12.5 percent over the year. The Seattle Times reports that inventory in Northwest Seattle is down to a three-week supply, driving prices in that area up 19 percent over the year. In the Seattle market as a whole, inventory has been hovering around the two-month mark for several months. Typically, a four-to-six-month supply constitutes a healthy housing market. With summer right around the corner, we can only anticipate a very tight market for the buyers wishing to purchase in the greater Seattle area.