Seattle’s median home price soared 20% in May to a record $919,000. Quick sales, multiple offers and escalation clauses are the rule. If you’d like to know more about how to navigate this fast-changing market we’re here to help (continue reading below).
May was a record-breaking month for the real estate market. Inventory hit all-time lows, and home prices reached record highs. With the supply of homes so tight, this sizzling seller’s market is expected to continue throughout the summer.
High demand hammered inventory in May. While the number of new listings increased, homes sold within days, leaving the market with just a few weeks of available inventory. With the local economy remaining strong and population continuing to grow, don’t expect demand to slow down any time soon.
With inventory so scarce, it was yet another record-breaking month for home prices. The median price of a single-family home in Seattle soared 20% to a record $919,000.
A 62% jump in pending condo sales in King County indicates that some buyers are opting for a more affordable home option. At a median price of $459,000, condos look like a relative bargain when compared to single-family homes.
It’s a challenging market for buyers, and it looks like it will continue to be that way for quite some time. Now more than ever, you need a broker who can help you set your priorities, strategize your options and negotiate successfully on your behalf. And sellers need someone who really understands this fast-changing market and who can create a plan to get you the greatest return on your investment.