Seattle Real Estate Recap: 2016

What will the new year bring for the real estate market in Seattle? If only I had a crystal ball!

I can, however, give you a quick recap of 2016, which may be the best predictor for 2017. It’s both good news and bad news, depending upon whether you are a seller or a buyer.

November (2016) marked the second straight month that the Seattle area was crowned top in the nation in home-price growth.

That’s a dubious honor when you consider that the typical single-family home across King, Snohomish and Pierce counties cost 10.7 percent more in October than it did a year ago.

Brisk job growth and a continued sparseness of homes on the market continues to drive prices higher as buyers compete for a dwindling number of houses for sale. The typical single-family house now costs $550,000 in King County.

The surge in home prices does seem to be slowing, at least a bit, compared to the dizzying pace seen last spring and summer.

Meanwhile, interest rates have crept up, but are still incredibly low.

If you’d like to discuss your plans to buy or sell in the coming months, please give me a call. 206-708-9800.

Posted 12/31/16

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