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King County Home Prices Closing in On 2007 Peak

If you weren't already on BubbleWatch, you probably should be now. According to the latest data from the Northwest Multiple Listing Service, the median price of King County single-family homes sold April hit $480K. That's 9 percent higher than March and 11.5 percent higher than April 2014. It's also just $1K less than the median price in July 2007, right before the bubble burst. J. Lennox Scott, CEO of John L. Scott, doesn't seem too worried, saying "housing is in a pressure cooker in the metro area...we're going to be here for a while." The example many point to represent the state of the market is the recent sale of a Ballard home for $717K after asking $559K. Is that kind of housing market tenable? So long as inventory stays low in the surrounding Snohomish, Pierce and Kitsap counties, perhaps. Enjoy it while you can, sellers.
· King County home prices surge, just shy of 2007 peak [ST]
· Here's how you sell an 1,100-square-foot Ballard house for $717,000 [PSBJ]
Image: Paul VanDerWerf