Image: Sounder Bruce
The Northwest Multiple Listing Service has released their August numbers and while listings continue to be scarce, there's no stopping the price surge happening in and around Seattle.
The August median price of a King County single-family home sale was $499,950 while King County condos had a median of $299,250. Those numbers are up 14 percent and 20 percent from last year, respectively, and represent the biggest YoY jump we've seen in 2015.
Locally in Seattle, single-family homes sold at a median price of $575,000 (up 15 percent annually) while the condo median price was $395,000 (up 32 percent annually). Obviously the bigger rise in condo prices is due to the new development of luxury condos in and around downtown.
The big holdup remains inventory, which did tick up slightly in Snohomish but it still way down year-over-year (18 percent). In King County, inventory is down a whopping 31 percent from last year. As there still aren't enough new constructions to keep up, it doesn't look like an influx of available houses or condo are coming onto the market anytime soon to offset this. In other words, those high prices aren't going anywhere.
· For Seattle-area home shoppers, August was not enough of a good thing [PSBJ]
· August Stats Preview: Sales Slip But Market Still Strongly Favors Sellers [SB]
· Condo prices climbing even faster than houses [ST]