S&P Case-Shiller released their latest home price index last week, which showcases sustained growth for the Seattle market, with the Emerald City leading the nation for the hottest housing market for 11 consecutive months. As Mike Rosenberg of Seattle Times reports, “the Seattle metro area saw single-family home prices surge 13.5 percent during the 12 months ended in July,” according to Case-Shiller.
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Realogics Sotheby’s International Realty (RSIR) presents a look at the housing market trends for the first two quarters of 2017, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
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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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