Market Information

Stop anyone on the street in King and Snohomish County and ask them about housing prices and the response is nearly the same in all cases… housing prices are going up and inventory is limited. This has been the trend for the past few years and shows little sign of slowing down. In King County alone, the median price jumped more than 11.7 percent, from $434,000 to $485,000. Prices on single family homes surged nearly 16.5 percent, rising from $480,942 to $560,000. Condo prices were up 9 percent, but finding one proved challenging as inventory dropped 29 percent in King County.

MLS figures show there is only 1.76 months of supply system-wide. In both King and Snohomish counties, there is barely more than one month of supply - well below the 4-to-6 months that many experts use as an indicator of a balanced market. The results of this are most homes for sale are receiving multiple offers, oftentimes well above the asking price, within a few days of coming to market.

Ask those same people why inventory is down and prices are up and the answers are more varied. Some contribute it to historically low interest rates, some to the vibrant local economy, others to the increased demand from overseas buyers. Whatever the reason, or reasons, one thing seems clear, this trend is expected to continue for the foreseeable future.

The best advice we can give any prospective buyer or seller in this market is to find a knowledgeable, experienced agent capable of creating a game plan designed to create a successful outcome. For a custom home search or valuation, you can click on our agents tab, and select on one of our handpicked agents to help you navigate today's market.