Seattle home prices jump as 2015 shapes up to be biggest market in 8 years

Planning to buy a house this year? You’re not alone.

This year is on track to be the biggest year for residential real estate since the 2008 recession, according to Seattle-based real estate listing site Redfin.com.

The company bases this prediction on the number of customers who have requested home tours, which is at its highest level since mid-2013.

Combine that with the fact that there are more homes on the market – up 6.3 percent in January, compared to the same period last year – and it’s looking like 2015 will be a good year for Realtors.

Unfortunately for Seattleites, the number of new homes listed for sale is 5,605 – only about a 2.6 month supply, Redfin says. A six-month supply is considered a “balanced market.”

That means homebuyers will pay more.

The median home price in Seattle has jumped 9.1 percent since this same time last year to $360,000 per year. The national average is a year-over-year increase of 3.8 percent.

Buyers in the greater Seattle area bought 2,150 new homes in January, a 35 percent drop from the previous month, but a slight increase in the number of homes purchased last year.

So basically, we’re paying more for the same number of homes, and the supply is dwindling. And if Redfin‘s predictions are correct, it’s only going to get more competitive from here.

Emily Parkhurst oversees all digital content for the Puget Sound Business Journal.

 

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