The Northwest Multiple Listing Service (NWMLS) issued its monthly recap of sales figures for the Seattle area and surrounding counties. While the median sales price of a home in King County increased by 17% from August 2004 to August 2005, median sales prices rose even more dramatically in Snohomish, Pierce, and Kitsap Counties (21 – 24%). Low interest rates combined with fewer homes on the market account for the increase in prices. Also noteworthy is the shortened length of time a home stayed on the market - approximately 7 days less than a year ago for all of the counties mentioned above.
What does this all mean? For one thing, it’s an ideal time for sellers (higher prices, shorter time on the market, and lots of demand), but it’s tougher on buyers. Higher prices, no doubt, force many buyers to purchase homes farther and farther away from Seattle, in areas where affordability may not be an issue. But that affordability comes with a different kind of price tag: long commutes mean higher stress, more pollution, and more burden on the infrastructure.
Click here for The Seattle Times summary of the report.
Technorati Tags: Affordability, House Prices, SellingYourHome
