Ironically this January started out just like last January, when there were not enough homes for sale to meet the demand from buyers. Last year appreciation soared into the double digits for the first time in years because of this lack of inventory..
The difference between last year and this year? Because of the lack of inventory last year, prices jumped up. The median price for real estate sales on Seattle's eastside this past January was $600,000. In 2013? Median pricing was $513,000. Price per square foot for a home on the eastside went from $228 to $268.
Eastside sellers, this is your time. Buyers are lining up to buy the homes that show well and are priced well. Buyers, it's not going to get less expensive in the future, so it's in your best interest to get out there and start looking now, rather than later. This may sound like hype, but it is the reality of the Seattle Eastside real estate market. It's very simply the law of supply and demand that's at work here.
If you have questions about the value of your home in this market, don't hesitate to contact us. We'd be happy to let you know how real estate is performing in your neighborhood.
But while you are pondering real estate, enjoy Valentine's Day!