Inventory is low, rates are low, buyers are finding themselves in the midst of bidding wars….but what does this mean in terms of prices? I’ve taken a few areas of King County and broke them out for you.
The Renton Highlands (area 350) saw a huge increase of 15.25%, much of this can be contributed to new housing developments.
The Benson Hill (area 340) area showed slight improvement at less than 1% however this is more likely a skew in the numbers and is worth breaking down further if you are interested in selling or buying in the Benson Hill area of Renton.
SE Auburn (area 310) is also benefiting from new construction sales as it saw an unbelievable increase of over 18%. It’s possible SE Auburn is also seeing less and less distressed sales accounting for a higher median price.
Maple Valley (area 320) is reporting an increase of over 12% which also owes a nod to new construction as well as demand for the school district.
On the Eastside one of the most impressive increase was on Mercer Island (Area 510) seeing a whopping 22.38% year over year increase. However, even the Juanita to Carnation area (Area 600) surprised the Island by pulling in just shy of 25% increase. Mercer Island still remains more impressive because area 600 can tip its hat to new luxury construction whereas the Island is likely to be more indicative of the resale market.
By contrast Downtown Kirkland and North Bellevue (area 560) saw a paltry .96% and should be tracked against other data as it’s such an anomaly compared to the surrounding areas.
The rock star community in Seattle is South Capitol Hill and Rainier Valley (area 385) as well as Seward Park and Columbia City (area 380) with numbers that would make any financial analyst drool at 29.62% for area 385 and over 31% for area 380 increases. It’s outlier on the low-end is Eastlake to Capitol Hill (area 390) at 1.45%
I saved the most incredible for last. The sweet spot between I-5 and Hwy 167 that includes both parts of Kent and Auburn (area 100) can brag about an increase of over 38% and the smallest increase for this area of King County can be reported in the Seatac to Normandy Park area and to even use the word small is an injustice as 8.64% is still an incredible adjustment.
As a whole King County prices are causing sticker shock for home buyers. The implications for what this means to sellers and home buyers is huge, if you’d like to know the impact these numbers have on your home, please call me at 425-432-9430 or email me today. I’d be delighted to be of service.
See all the numbers by clicking here.