Lake Forest Park hits an all-time median home sales price for January at $968,500! The previous high was in June 2021 at $895,000. King County's median single-family home price was at $780k (up 6.3% YoY) and Snohomish County came in at $700k (up 18.6% YoY). The inventory shortage has been well documented in my previous newsletters and that continues to be the top headline. In January, King County was down 20% YoY in new listings, Snohomish was down 7.5%, and Lake Forest Park was down 48.5%, no wonder it set the all-time price record!
With fewer homes on the market, the well represented properties are busier than ever. We now have a new stat to track, 'how many home tours it takes before a home goes pending' (excluding open house tours). In January, the average home had 38 showings before the home’s status changed from “Active” to “Pending”. That's a 50% increase from August in 2021. This classic Storybook Brick Tudor that I listed had 220 showings, plus another 200 people come through the two open houses. It was crazy-busy! The house is now pending at $1,213,500 which is 38% over the listing price.
The sellers of the Ravenna house received Lyon Creeks “Listing+ Package”. We put on our project management hat and coordinated with electricians, landscapers, painters, plumbers, contractors, sewer cleaners, oil tank contractors, cleaners, stagers, and photographers at no additional cost to my clients. The sellers gained over $300k in equity after all was said and done. Check out the before and after photos!
Seattle tech worker salaries are second highest in the nation at $118,729, trailing only Silicon Valley (shocker).
Rent in Seattle is up 21% YoY, while the national average is up 14%. Seattle had the 19th highest increase of the top 50 metro areas. Kanas City, MO was the only top 50 metro area to see a rent decline, finally some good news for those heartbroken Chief fans.
We’re number 1, unfortunately. Washington had the highest state increase in Cost of Living while Oregon came in at #2. Looks like we’re paying a premium to live in the Pacific NorthBEST!
Too funny not to share – The listing agent called the house “uglier than your 3rd divorce” in the listing description and then it went on to receive 20 offers.