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Greater Seattle Real Estate Market Update

Seattle real estate is just one part of the Northwest MLS.  The NWMLS includes 23 counties in Washington State. Despite 24% increase in new listings this October, October pending sales outpaced the new listings yet again.  In addition closed sales are up 30% in October.  Thus active listings has dropped 40% compared to last October.  The result is prices continue to increase.

Median price for single family home has jumped 20% since last year, with median price of $515,000.  Not only are median home prices up 20%, luxury homes are seeing record sales as well.  There were 1,004 sales priced over $1 million in King, Kitsap, and Snohomish this October which crushed the previous record of 553 luxury sales.

While the home market is blistering, the condo market has slightly less pressure on buyers.  Unlike single family homes, condo inventory is up.  However, condo inventory is only up by 5.4% from last October.  Condo supply is 1.5 months which is historically pretty low.  Nevertheless, buyers can find better bargains in the condo market than in the Seattle home market.  It is a great time to buy a Belltown condo.  For instance, this Seattle condo in the Concord is just one example of what is available.

 

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