With rent prices increasing at an even faster pace than home appreciation, it’s no wonder so many residents are opting to own rather than rent.
Monthly housing costs increased a modest 2% in Q2 over those in Q1 and 12% over Q2 of 2015.
Seattle experienced very strong price appreciation in Q2 as compared to the surrounding region.
Affordable North Seattle continues to be a hotbed of activity with price increases to show for it.
North Seattle (20.9%) saw the highest gain in year-over-year median sale price, followed by Madison Park-Capitol Hill (18.6%), Queen Anne-Magnolia (16.1%), Richmond Beach-Shoreline (14.4%), Lake Forest Park-Kenmore (14%), West Seattle (13.5%), Ballard-Greenlake (13%), and Mount Baker-Beacon Hill (11.6%).
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The Eastside continues to be a hotbed of activity as more and more residents infiltrate the area—driven in large part by the expansion and migration of many prominent companies.
Monthly housing costs increased 6% in Q2 over those in Q1 and 16% over Q2 of 2015.
While most areas continue to be dominated by a seller-favored environment, balanced markets are beginning to emerge.
Time will tell whether enough new inventory will finally bring the much needed balance into our market.
Woodinville (18.7%), South Bellevue (14.6%), and East Bellevue (13.3%) showed the strongest year-over-year median sale price gains in Q2 while Mercer Island (8.7%) and Redmond (9.7%) were the most conservative. West Bellevue (12.1%), Kirkland (11.7%), and East Lake Sammamish (11.2%) held the middle ground.
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On the tails of a massive increase in values in Q1, Mercer Island saw a more moderate Q2.
The Island’s median sale price rose a mere .4% over Q2 of 2015.
An increase in the number of homes for sale was heavily weighted toward those priced above $2 million.
Tapered buyer demand, coupled with a surge of inventory in the high end, caused the two-million and above market to stagnate somewhat—resulting in one of the strongest buyer-favored market segments in the region.
This transition in the higher end of the market overshadowed solid price gains at more modest price points.
A shortage of turnkey homes priced below $1.5 million has driven prices on the hottest properties up to record levels.
Cash offers, pre-inspections, and release of buyer funds on offer acceptance became the norm in the sub $1.5M market segment.
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© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.