You know it’s a hot Seattle housing market when you have offers coming in on a home immediately after it is put on the market. There is no denying that it’s a hot housing market right now, but what does that mean for you?
Well, homes are going as fast as they are coming in. If you want your home sold fast, this is the time to do it. Many of our homes that have listed in the past 3 months are already sold. Many of which were under contract after only a week.
The bidding wars are back. Sellers are getting multiple offers for the few homes on the market. Almost every home we have put on the market in the past 3 months have come back with multiple offers. Multiple offers on a home creates bidding wars in which clients try to out bid each other for the purchase of the home. Because of bidding wars, homes are selling for more than the list price. Last month, we had a home go under contract for $15,000 more than it was listed just 5 days after it was listed!
According to an article from KING 5 News, “the median price for residential homes and condos in King County jumped from $378,000 to $411,200 between March 2014 and March 2015, according to NWMLS. For Seattle alone, it’s up nearly 19% to $535,000. It rose 8.47% to $320,000 in Snohomish County; 7.65% to $240,000 in Pierce County; and $6.9% to $240,523 in Kitsap County for the same time period”.
With a steady stream of buyers attracted to the area’s strong job market, King County’s low supply of homes is being far outpaced by demand, resulting in double-digit price increases over the year. Currently, Seattle is at 1.2 months of inventory. 1.2 months of inventory means that if nobody listed today, then we would have run out of homes on the market in 1.2 months.
What’s driving so much Seattle demand? It’s already a very expensive area to live in, and with the possibility of rising interest rates, buyers want to get in sooner than later. Seattle also has a very low, and falling, unemployment rate at 4.2 percent, well below the national average.