According to an article* at komonews.com, home prices in Seattle are up 12.7% from October 2015, boasting the strongest gains in the country. Across the U.S., home prices rose 6.2% overall in 2017 and “Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index stood in October a solid 6 percent above its previous 2006 peak. Prices are rising at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates.”
Additionally, “Sales of existing homes in November reached their strongest pace since December 2006, according to the National Association of Realtors. But the sales growth hasn’t compelled more people to list their homes for sale, as the number of properties on the market has tumbled nearly 10 percent in the past 12 months.”
What does this mean for Seattle? It likely means that competition for new listings is going to remain high for the time being which may encourage some would-be buyers to remain in rental housing. If you are thinking about buying or selling in 2018, let’s talk. Our team of experienced agents can help you maximize your opportunity in this competitive marketplace! Give us a call at (206) 331.3960 or search current inventory below and let us know if you would like to arrange a tour.
*Associated Press and KOMO News Staff. 2017, December 26. “U.S. home prices surge, topped by Seattle at 12.7 percent” from http://komonews.com/news/local/us-home-prices-surge-topped-by-seattle-at-127-percent.
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