Houses are moving at the highest prices the market has seen since May 2008, reports The Seattle Times.
King County homes sold at a median price of $400,000 in April. That’s 11.1 percent above last year’s level and 2 percent higher than that of March 2013, according to the Northwest Multiple Listing Service. In Snohomish County, the median price for homes sold was $295,000, which is 15.5 percent higher than the median in April 2012.
A total of 3,221 single-family homes were listed for sale in King County last month, which is 35 percent lower than the inventory that was available the same time in 2012. The double-digit rise in home prices is not sustainable over time, says Glenn Crellin, associate director for research at the University of Washington’s Runstad Center for Real Estate Studies. What the market needs for price stability is a combination of new construction properties, additional homeowners willing to list their properties for sale, and the release of foreclosed homes by banks. For homeowners who are looking to make a move, now might be that time.
Need more information? Check out Trulia’s map for King County’s average list and median sales prices.