For the first time since 2007, Seattle home prices rose between January and February this year. It was only 0.6%, but, that's still a pretty positive sign. Via Seattle Bubble, prices are up YOY by 12.8%. February's price increase was also the region's biggest monthly gain since July 2013, per the S&P/Case-Shiller 20-city index.
As home prices are rising, the amount of time those homes are spending on the market is plummeting. According to Redfin, Seattle homes were on the market for a median 23 days in March, which is way less than February's 36-day average. 44% of homes listed in March went under contract within two weeks.
The lesson is, if you see something you like, jump on it.
· Case-Shiller: Seattle Home Prices Rise Early in February [Seattle Bubble]
· Seattle home prices edge upward [Seattle Times]
· Seattle homes snapped up in a hurry in March [PSBJ]