Northwest MLS brokers say home buyer frustration builds as inventory shrinks, prices rise
KIRKLAND, Washington (March 7, 2016) – Home prices in King County hit new highs in February as buyers tried to outbid each other for the sparse inventory in much of Western Washington.
With the number of single family homes for sale in King County down nearly 30 percent from a year ago, prices on last month’s sales surged 19.8 percent, jumping from $429,900 to $514,975. Ten other counties in the 23-county area served by Northwest Multiple Listing Service also reported double-digit price gains for single family homes that sold last month, according to its latest statistics. Condo prices surged 19.6 percent.
“Buyers who are looking for houses cannot start looking at the top of their affordability range — they should look 15 or 20 percent below their limit and be prepared to go over list price if they have any hope of success,” suggested Frank Wilson, immediate past chair of the Northwest MLS board.
View the full February 2016 Report by neighborhood
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.