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Fri May 5, 2017, 08:36 PM

'Unhealthy' Seattle-area home prices stoke fears of a bubble

The Puget Sound region's rocketing residential real estate market is frustrating even for some sellers, and the beneficiaries are home remodelers.

There are fewer houses on the market and record prices are climbing ever higher, with the median single-family sales price hitting $722,250 in the city of Seattle last month, according to data that Northwest Multiple Listing Service released Thursday.

Across the four-county metro region, the number of new listings dropped 16.2 percent year over year. Pending sales declined 9.5 percent. And the number of houses for sale is down 13 percent.

-snip-

The median sales price in King County was $625,000 in April, while in Snohomish County it hit $440,000.

Not surprisingly, Seattle buyers headed north, where Coldwell Banker Bain South Snohomish County Principal Managing Broker Diedre Haines is seeking a sharp increase in the number of multiple offers.

-snip-

In King County, the most expensive submarket was West Bellevue, which includes the tony enclaves of Hunts Point, Medina and Yarrow Point. The median sales price in April was $2.2 million.

The least expensive market was Federal Way, with a median price of $315,000. Prices are climbing fastest in low-cost Skyway, where prices increased more than 31 percent to $410,000.

http://www.bizjournals.com/seattle/news/2017/05/05/seattle-home-prices-fear-of-bubble.html?ana=e_du_prem&s=article_du&ed=2017-05-05&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1494028442&j=78105451

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Reply 'Unhealthy' Seattle-area home prices stoke fears of a bubble (Original post)
Yo_Mama_Been_Loggin May 2017 OP
GP6971 May 2017 #1
montanacowboy May 2017 #2

Response to Yo_Mama_Been_Loggin (Original post)

Fri May 5, 2017, 08:44 PM

1. Pierce County is also

seeing declines in inventory and substantial price increases. Annual assessments come out next month I'll be interested to see what it brings. Last year's was an average of 12% increase in home values.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri May 5, 2017, 08:50 PM

2. When $72,000 annual income is considered LOW INCOME

most of the people here are going to have to use Section 8 housing vouchers. I have lived here over 25 years and I have never seen anything like it. Amazon and Google move in here and take over with their big campuses and bring their own employees with them, they do not hire local. It is going to blow up big and it can't be soon enough for most people.

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