At the end of March, the four most valuable companies in the world (Apple, Google, Microsoft and Amazon) were all U.S. technology businesses – half of which are Seattle founded and based. Wherever you look, Seattle is changing, growing and evolving and one of the more obvious places this is reflected is in the housing market. Spring is always the busiest time of year for real estate, and this year’s “busy season” is recording higher-than-ever prices due to reduced inventory. The median price for a single-family home in Seattle is $722,250 according to the NWMLS, and new listings have dropped 16.2 percent since last April.
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If you were feeling the need to bundle up a bit more this season, you were not alone! The Seattle area experienced the coldest winter season since 1984/1985 this year, according to the National Weather Service. There were 21 more nights near or below freezing this year, which corresponded to fewer days with highs above 50, and more days with lows below 35 degrees throughout December, January and February. Rainfall remained average in Seattle, but this past winter was the snowiest since 2008/2009. February was the wettest month on record in 50 years. Does that mean we’re due for the sunniest Summer season? Only time will tell.
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To say Seattle’s housing market is busy would be an incredible understatement; King County continues to break state and national records in the real estate sector each month. Home prices continue to rise while selling times continue to shrink and May is expected to bring more of the same. According to Zillow’s Chief Economist Dr. Svenja Gudell, there are 3 percent fewer homes on the market than last year, which means “2017 is shaping up to be another competitive buying season.” This 3 percent decrease is taking into account the 50 percent increase, in newly listed homes in the Seattle area, over February. This demand has lead to the Puget Sound region experienced the most profitable month in history in real estate this March, with the median single-family home price hitting nearly $600,000, and hitting $700,000 in Seattle.
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The colder weather and shorter days of winter signaled a cool down across the board for real estate. However, as we enter into Spring, the housing market begins to thaw. The median home price in King County has continued to rise with the temperature, hitting nearly $600,000 in February; the Eastside, Snohomish County and Seattle proper all set new price records. With many houses selling for well over the asking price, buyers are anxious to place their bid now instead of waiting until the busier spring season. The continued low inventory is due in part to the high demand, but also to the number of people unwilling to put their homes on the market while knowing they will have to purchase another expensive property.
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