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Inventory Lag Drives Seattle Home Prices Up 18.9% From 2014

Hold on to your butts, Seattle buyers. According to a new report by NWMLS, the median price of homes sold in Seattle this March rose 18.9 percent since last year to $535,000 ($411,200 across King County). That's the biggest leap upward in about five years. The issue for buyers is, of course, inventory. There were 11,408 pending NWMLS sales during the month with only 10,505 listings during the same period. In fact, inventory in the 23 counties NWMLS covers was down almost 14 percent, dropping from 19,736 listings to 17,007. If you're in the market for a new home, this all means you're certain to be up against multiple offers and expected to come in over the ask with no help from the seller more often than not. That's something we've seen quite a few times in recent bidding wars.
· Frenzied Market Frustrating Buyers [NWMLS]
· Home prices in Seattle jump 18.9 percent from year ago [ST]