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THE NEW state of real estate in King County goes a little something like this: Homes are about as expensive as they have ever been, and the suburbs are still hot.

The average price for a single-family home in King County is now more than $1 million, $1.055 million to be exact. That’s a 20.1% increase from the 2020 average of $878,000.

Snohomish and Pierce counties saw similar percentage gains year over year. The average price of a single-family home in Snohomish County rose from $600,000 in 2020 to $741,000 last year, a 23.5% increase. Pierce County saw a 19.3% increase from $467,000 in 2020 to $577,000 last year.

Fueled in part by extremely low inventory, population growth and an influx of high-paying tech jobs in recent years, all three…

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Housing Market Update: Hottest January on Record

Pending sales posted their first annual decline since June 2020, stalled due to a lack of supply. Early spring has the potential to be even hotter and more volatile: stock-market declines, mortgage-rate increases, and mounting affordability pressures are escalating the sense of urgency for buyers and as a result the limited inventory of homes are seeing their values skyrocket at unheard of rates.

While dwindling housing inventory continues to be a source of frustration across the country, Washington has been hit harder by the housing crisis than any other state, according to a new study by the Washington State Department of Commerce.

Washington ranks last among 50 states in the ratio…

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“That’s just not normal. That’s not a balanced market,” “It really is a crisis of housing inventory in our area,”

Those are just some of the adjectives being thrown about concerning the local Western Washington housing market.

Just two weeks ago we predicted that January would be a competitive month as buyers rush to find a home before mortgage rates climb—and that's exactly what we're seeing.

A quick search on Redfin shows many examples. This Kirkland home sold for $500,000 over asking. This house in Bellevue, listed at $1.5 million, sold for $2.4 million— about $900,000 over asking price.

By Deedee Sun, KIRO 7 News

SEATTLE — A wild housing market is forcing many Seattle-area home buyers to pay $300,000 to $500,000 over asking…

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Buyers Pour into the Housing Market Amidst Rising Mortgage Rates

Just two weeks ago we predicted that January would be a competitive month as buyers rush to find a home before mortgage rates climb—and that's exactly what we're seeing.

Prices surged last week 16% over 2021, kicking off what could be the most competitive month in housing history.

You can find our full report in this week's housing market update. 

Projections are homes listed by March and closing in April will see the maximum number of bidding wars and escalating prices.

According to NWMLS, despite historically low inventory levels, home sales in the Central Puget Sound region increased to levels not seen since 2006, with Pierce and Kitsap counties seeing the most sales…

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  •          Year-over-year inventory, pending sales, and closed sales all fell by double digits. Only prices rose – up 17.4% overall!
  •          We will experience strong demand and very active home sales in 2022
  •          Available inventory “Drastically low.”
  •          Smart buyers are making their best offers using pre-inspections, family support, bridge loans, leveraging 401(k) accounts, and other resources

KIRKLAND, Washington (January 6, 2022) – Severe shortages of inventory, record-low temperatures and snow restrained December housing activity around Washington state beyond expected seasonal slowdowns, according to a new report from Northwest Multiple Listing Service.

Summary statistics from the MLS show the volume of new listings…

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Housing Inventory Grinch Means No Seasonal Holiday Slowdown for Area Housing Market

  •          Eastside and Southeast King County map areas, prices jumped more than 26% from a year ago
  •          King County inventory down 90% from 2010
  •          Overall prices rose a little more than 15%.
  •          Area wide inventory down 29% from a year ago
  •          Homes are coming off the market faster than they are coming on.

KIRKLAND, Washington (December 6, 2021) – Historically soggy weather and the onset of holidays did not deter thousands of buyers and sellers during November, based on the latest report from Northwest Multiple Listing Service. Numbers for new listings, pending sales, and closed sales were comparable to year-ago totals,…

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  •         Seattle area home prices are expected to increase by another 18% in 2022
  •         Mortgage rates are expected to climb to around 3.7%
  •         Buying NOW lets you lock in what’s going to be the best price of the year and also the best rate!

There’s a myth that the real estate market shuts down over the holidays and that it’s a terrible time to buy a home—because who wants to buy a home when you could be spending that time with family. You saw where we said “myth,” right? 

The truth is that buying a home over the holidays can yield you a great deal while minimizing the competition. Here’s what you need to know if you’re in the market now. 

Look past the sparkle

You’re going to see some inflatable Santas and lights galore.…

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As we careen at warp speed from Thanksgiving, Christmas, and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?

Wrong!

In fact, there are plenty of homes listed around the holidays that may command more money, especially if the inventory is limited. If you play your cards right, you may even be able to sell your home quicker than ones listed in the spring. One of the reasons is the lack of competition during the holidays. There are so many different reasons why people won’t…

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  •          “As the weather cools, the housing market intensity heats up for each new listing,”
  •          Only 3 Weeks of Housing supply remain market wide!

As the air turns cool and winter approaches, we are approaching our seasonal low in inventory. Each year, as the year closes out, potential home sellers wait until the new year to put their homes on the market. In reality, a home listed now will have higher viewership since the buyer pool has not gone down. With the pace of this market a correctly priced home offered now would probably be off the market by Thanksgiving, allowing the seller to have a quiet holiday.

Nearly half of seller’s plan to put their homes up for sale within the next six months, according to a recent Realtor.com®…

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The number of new homes for sale in King County plunged from September to October dropping over 23% and those listings were quickly snapped up before the month was out, putting the squeeze on buyers who are still shopping.

  •          Active listings in inventory, down 23.6% (YOY)
  •          Inventory dropped 19% just from September alone.
  •          Only 3 Weeks of Housing supply remain market wide!
  •          “As the weather cools, the housing market intensity heats up for each new listing,”

KIRKLAND, Washington (November 4, 2021) – Northwest Multiple Listing Service brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers. The hesitancy, coupled with cooler, wetter weather…

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