Buying a home
Handy tips for house hunting around Seattle By Patti Hill, 2016 President of Seattle King County REALTORS® Lancaster Ridge neighborhood in Sammamish
I
nventory reached historic lows in many parts of the Greater Seattle area during 2015, prompting keen competition as relocating families scrambled alongside first-time buyers, move-up buyers, and investors to find their dream home.
Despite the scarce selection in many Puget Sound area neighborhoods, house-hunters who are “buyer-ready” and who enlist assistance from both industry professionals and technology will have an advantage in the fast-moving market. For much of 2015, the months of supply (a way to measure inventory) fell below two months in the four-county region, and hovered near only five or six weeks of supply in King County. That’s well below the four-to-six months of supply that some industry experts say reflects a balanced market, favoring neither buyers nor sellers.
Photo: Courtesy City of Sammamish
With tight inventory, prices tend to rise. For 2015, prices around Puget Sound increased by double-digits compared to 2014. In fact, for some areas, prices were at or above their pre-recession peak. A check of active listings in the Northwest Multiple Listing Service system in mid-February shows a wide range of asking prices for single family homes. The selection in the four-county region ranges from a two-bedroom teardown in Bremerton (at the low end) to a 525 acre sanctuary encompassing 47 parcels on Vashon Island with a sticker price of $43 million at the upper end.
Single Family Homes
Listings as of 2/15/16
# of units Price range
Average
Median
King 1966
$59,500-$43,000,000 $1,029,029
$600,750
Snoh 1043
$41,600-$14,900,000 $525,487
$410,000
Pierce 1839
$34,800-$6,500,000
$424,654
$325,000
Kitsap 562
$29,950-$8,860,000
$485,180
$338,950
Condos
Listings as of 2/15/16
# of units Price range
Average
Median
King 528
$58,000-$9,990,000
$667,167
$418,250
Snoh 138
$35,950-$1,195,000
$303,427
$282,225
Pierce 118
$62,000-$1,495,000
$348,423
$279,850
Kitsap 29
$20,000-$699,999
$207,389
$142,900
Whether looking for newly-built or pre-owned, and regardless of architectural style, homes closest to job centers tend to command the highest prices. Buyers should expect to pay a premium for waterfront homes or for homes with views.
2016-17 • GREATER SEAT TLE INFOGUIDE
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