With so Many People Venturing Into Purchasing Real Estate, Local Prices Are Soaring and Inventory Is Sparse

Seattle real estate in 2017 has set the local market on fire. The sublime combination of an influx of buyers entering the greater Seattle area mixed with a lack of inventory within city limits has been cause of the perfect storm for Seattle based sellers. As the city continues to grow and buyers seek properties in the outer regions of the area, the growth in local real estate will prove to be interesting as we progress through 2018.

A recent Seattle Times article shared insight into how the region has grown in both price and footprint. King County had a fast-paced market, especially in regards to luxury listings. Overall, the number of homes sold for a million dollars or more increased 71 percent. This means that 1 in every 5-6 homes sold was priced above 1 million dollars, and over 4,900 homes sold for seven figures up from 2,900 in 2016.

So, why such a big jump from the previous year? It boils down to the number of people who have relocated to the city. Many of these transplants have come to our wonderful city seeking employment, as Seattle is a booming epicenter for tech-based jobs. Just as more people are settling into new careers, millennials are journeying to become first-time homebuyers.

With so many people venturing into purchasing real estate, local prices are soaring and inventory is sparse. Now locals and transplants alike are looking to suburbs around King County to find a place to call home. All of these factors are proving to make now a spectacular time to sell your home. Please feel free to contact me if you are seeking assistance with your real estate endeavors.

Explore the full article from Seattle Times to find out more. If you would like to take a look at market trends around the Puget Sound, read more here.