Realogics Sotheby’s International Realty has recently released their 2016/2017 Market Report which examines the year-over-year performance of 24 markets that the brokerage serves, factors that have affected the Western Washington housing market this past year, and insight on where the market is heading in 2017.
King County, specifically, is a part of the region that has remained a seller's market since January 2015, with inventories in most areas remaining below four months for nearly the entire year (of 2016). The county has completed a large bell-shaped curve, returning to degrees of shortage not seen since the year 2005. Seattle and Bellevue have been hot-spots for investors from China, outdoor enthusiasts, families searching for top schools, and employees of the tech sector. Our Puget Sound region has a reputation of inclusiveness and hospitality that has reached across the country and around the world.
In the past year, King County property values have grown the most of any Western Washington county, rising from median price of $435,000 (in 2015) to $490,000. Percentages of closed sales were up 11.3 percent, as well as high-end sales (classified as more than one million dollars by NWMLS) which increased 21.7 percent. Seattle growth is prompting addition of high-rise condominiums (such as NEXUS Seattle) and adding exciting new inventory for residents. However, 2016 also saw the dip of the average monthly supply of homes for sale lower to 1.11 months, down from 1.4 in 2015, and lower than any other county served by the NWMLS.
With the trends seeming to continue into 2017, there hasn't been a better time to list your Seattle-area home. For an electronic copy of the report (and see where your neighborhood stands) please visit: 2016/2017 Market Report | Year End & Trends
If you would like a copy of the Market Report, or for any other real estate needs, please do not hesitate to contact me.