In July 2014, the Seattle real estate market median price
of a home has finally surpassed its 2007 peak. The median price now stands at
$543,500, which is significantly more than the $506,362 peak of 2007, and
$78,500 higher than the median home price of $465,000 in July 2013.
Homes in the North Western suburbs of Seattle such as
Green Lake, Fremont, Wallingford and Ballard are in great demand and with the
lowest inventory of just 0.98 months, competition is tough for home buyers.
Multiple offers, pre-inspections to waive inspection
contingencies, cash buyers and escalation clauses are the norm. There is little
respite for those home buyers looking at the North Eastern suburbs close to the
University and downtown.
With all of Seattle’s suburb’s housing supply under 2
months of inventory, the Seattle real estate market is still very much a
seller’s market. (A balanced market is usually regarded as 5-6 months of
supply).
The main drivers are the lack of housing inventory,
simply due to people not putting their homes on the market causing a low
supply; and job growth which is attracting talent from all over the US and
creating a high demand for housing. High demand and low supply = upward price
movement. Major companies in the area are still hiring and there is still a net
inflow of people to the Seattle area.
The mild year round climate and natural beauty of the
Pacific Northwest are also attractive to retirees, who are trading icy cold
winters for Seattle’s gray and rainy skies; and the hot and humid summers for
the Northwest’s balmy 75-80 degrees days with low humidity.
The media is also drawing attention to the advantages of
moving to the Seattle area with Forbes, Kiplinger and Bloomberg extolling the
virtues of the living here.
#1 Best City for Tech Jobs - Forbes
#2 Best Cities for the next decade - Kiplinger
#2 Best Cities to Move To - Simple Moving Labor
#2 America’s 20 Best Cities - Bloomberg
Ian Bell is a Seattle real estate agent and the owner of First Exclusive Inc, the leading exclusive buyer’s agency in the Greater Seattle area. Recognized by Seattle Magazine as being 5 Star for each of the past 9 years, he has helped over 250 home buyers find their home in the Pacific Northwest.
Ian Bell is a Seattle real estate agent and the owner of First Exclusive Inc, the leading exclusive buyer’s agency in the Greater Seattle area. Recognized by Seattle Magazine as being 5 Star for each of the past 9 years, he has helped over 250 home buyers find their home in the Pacific Northwest.
