The Market Report has finally been published with information spanning from affects of a new presidency, the influx of foreign buyers, and a breakdown of realty trends within several Puget Sound counties and neighborhoods. A really fascinating read and something I highly recommend reading in it's entirety; but here's a few highlights about King County and Southeast Seattle.
First, percent of closed sales for King County were up 11.3% in 2016 and has continued to be a strong sellers market for the fifth consecutive year. Interestingly, the median price of all homes in King County was $490,000 was was a year-over-year increase of 12.7% with the biggest increases in price focused in the Burien/Normandy and North Seattle areas. One of the biggest growth affects is the rapid increase of proposed and developing high-rise condominiums. (The progress of all of these can be seen on the Seattle in Progress website, developed by a former Facebook engineer.)
The Southeast Seattle area is comprised of Mt. Baker, Seward Park, Leschi, Columbia City, Lakewood, and Rainier Beach neighborhoods. It's an area of town that I think is made special by it's history and buyers clearly agree. The average monthly supply was 1.4 months in 2016 which was down from the past two years (2015 and 2014). Meanwhile, the median prices increased from $458,000 in 2015 to $540,000 in 2016, for residential; and from $273,000 in 2015 to $292,000 in 2016, for condominiums. This makes the median home price in Southeast Seattle higher than the overall King County median.
For all other neighborhood/area information and an more in-depth look at the market as a whole, check out the full Realogics Sotheby's International Realty 2016/2017 Market Report. Or, contact me with any and all real estate questions you may have.