According to a Seattle Times article written today by Eric Pryne, home prices in Seattle rose for the first time in two years. The increase of 0.9% was a small, but important step in the process of the Seattle real estate market bottoming out and stabilizing.
More importantly, total home sales were up by wide margins all over King and Snohomish County, including increases in single family homes and condos.
Area home prices have shown signs of stabilizing for several months: The median price in Seattle rose year-over-year in January, then on the Eastside in February.
Sales are up, too: Buyers closed on 1,596 houses in King County in March, 65 percent more than in the same month last year.
House sales were up 73 percent in Snohomish County. King County condo sales rose 47 percent.
While it's no clear indicator that the market has totally bottomed out, a large number of sales always clears some inventory at the lowest price ranges and creates a low-end support for the market. Spring and summer sales will likely continue to bolster that trend and draw a clearer picture for Seattle area prices in the long-term.
Sam DeBord is a licensed real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro.
Sam DeBord and Brian Wiegand
SeattleHome.com – Washington State Realty – (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros
SeattleHome.com – Washington State Realty – (206) 658-3225
Real Estate Brokers, Realtors, Green Certified Pros
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