The end of summer is typically when we slow down, take a vacation and prepare for the back-to-school season. But despite historical trends, the real estate market in Seattle keeps on climbing. Home prices in Seattle rose 11% in June compared to the year prior, according to the Case-Shiller Index, which tracks changes in home prices in most major cities. Low supply of homes is driving up prices despite more moderate wage gains.
This isn't just in the headlines; the data rings true for those of us on the front lines. Home buyers are facing 3-5 competing offers on most properties, making things tough for first-time buyers or those with a limited down payment or low risk tolerance. Buyers today are more focused on acquisition than value.
Three out of my last four listings sold in under two weeks to buyers who paid all cash. While I'd love to take all the credit, the reality is that our market is doing some of the work for me. Here are a few of my recent listings along with details about the offers received; click on the photos for more details:
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