New home-price highs: $777,000 in Seattle, $950,000 on the Eastside

Both Seattle and the Eastside again have smashed home-price records as the region’s housing market continues to be brutal for homebuyers even before the peak spring season kicks off.

New monthly home-sales data released Tuesday showed Seattle’s median single-family-home price hit $777,000 in February, $20,000 more than the previous all-time high set just a month prior.

On the Eastside, the median cost of a house was $950,000, or $12,000 more than the peak price from two months ago.

And yet there is little escape for people priced out of the region’s most expensive markets.

Home prices grew at least 15 percent in every county in the Puget Sound region, according to the Northwest Multiple Listing Service.

Both Snohomish and Pierce counties set a record high for home values, even though prices historically have lagged in the winter.

“The hyper job market in the Pacific Northwest continues to outpace almost every metro area in the nation, and thus our housing market is booming; for now, there is no end in sight,” Mike Grady, president and COO at Coldwell Banker Bain, said in a statement.

And it’s not just houses: Condo prices surged 22 percent from a year ago in King County.

For the first time, the median cost of a condo in Seattle surpassed half a million dollars. The typical Seattle condo now costs $535,000, up $60,000 from a year ago.

Article from the Seattle Times March 8th, 2018  (click to read more)