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