September 2016 Seattle Area Housing Market Update

Filed in How's the Market by on September 19, 2016 0 Comments

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Housing prices increased in 2016 throughout the Puget Sound region, according to a recent report by the Northwest Multiple Listing Service (NWMLS).  Here are some notable facts:

King County:

  • The median price of closed single family homes in August 2016 was $550,000, 10% higher than a year previously.
  • The median price of closed condominium homes in August 2016 was $335,000, 12% higher than a year previously.

Pierce and Kitsap counties experienced even higher gains, probably because buyers looking for more affordable housing are being pushed to outlying areas and driving up demand there.

Pierce County:

  • August 2016’s median home price was $283,225, an 18% increase just since January 2016.

The hottest category continues to be entry-level housing, although homes in all price ranges are experiencing steady demand. The high-end market has been fueled for the last several years by a large pool of well-heeled foreign buyers, and the foreign buyer demographic is expected to become even stronger now that Vancouver, B.C. has implemented a 15% property transfer tax on buyers from outside of Canada.

Seattle vs. Vancouver:

According to Canada’s Global News, the Chinese real estate website Juwai.com stated that it experienced a 143% increase in searches for Seattle real estate in August (after the Vancouver property transfer tax went into effect), while searches for Vancouver homes declined by 81%.  Juwai.com has stated that Seattle is the top North American city for Chinese buyer inquiries.

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About the Author ()

Irene Nash has been representing Seattle and Eastside home sellers and buyers in real estate since 1999. She and her husband Mike specialize in straightforward communication and providing top-notch staging and photography for every home listing.

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