2017 has left me out of breath and almost speechless. It was a year unlike any in recent past.
Median Prices Are Up, Up and AWAY!
In looking at single family homes in the City Of Seattle, we see median sales price is up 11% from December of 2016, and up 14% from January of 2017. 14% in less than ONE YEAR!
Condos have seen a 16% jump in median sales price from December 2016 to December 2017.
Where the Money Was Spent:
We now have three TIMES more homes selling for over $1.5M than we do for less than $300,000. The number of homes selling for over $1M now exceeds the number of homes selling for $500,000 or less.
Single Family Homes Still Dominate:
In all of the sales of 2017, the majority of them (6,646) were single family homes. Condos came in second at 2,722 sold, and we sold 1,873 townhouses in 2017.
*Fun fact about townhouses – 51% of all townhouses sold in 2017 were BRAND NEW construction *
2017 was a year of rapid price growth, low inventory and strong buyer demand.