Home prices continue to soar, and new home buyers struggle to find an entry point into home ownership.
“The best opportunity for home buyers to find a home will be in the next 60 days,” said J. Lennox Scott, chairman and CEO at John L. Scott, Inc. He said the number of new listings is likely decrease by about 50 percent each month during the slower winter season. “We expect a repeat of conditions from last winter when every available home that came on the market in areas with a shortage of inventory received quick action.”
On the Eastside, the median home price is $667,250, up 11.21 percent from August 2015. Inventory remains low at 1.18 months.
The Northwest MLS, which serves 23 counties in the Pacific Northwest, reports that home buyers should expect to pay more than they would have this time last year. Most areas show year-over-year price increases in the double digits. System-wide, the median price for last month’s 9,767 closed sales of single family homes and condominiums was $350,000, up more than 11 percent from the year-ago figure of $315,000.
The hot market isn’t unique to King County and the Greater Seattle Area. The South Sound has experienced it’s own growth and market squeeze.
“For the first eight months of 2016, South Sound real estate has had quite a ride,” said Northwest MLS director Dick Beeson, of Pierce County. MLS figures show last month’s median price for single family homes and condos that sold in Pierce County, at $283,225, is up 18 percent since January. “These increases occurred despite the headwinds of continued inventory shortages,” said Beeson, who is the principal managing broker at RE/MAX Professionals.