Seattle Real Estate Roaring: House Prices Rise 10.5%, Condos Gain 7.4%, Sales Up 24%

SeattlePI.comFrom Seattle PI Blog | Sam DeBord –

This month’s report on real estate sales in Seattle is the most dramatic we’ve seen in at least five years. While home sales have been on the rise for months, the previous gains in homes prices had been minor. May’s real estate statistics have solidified the trend and pushed it into overdrive.

Home prices last month increased over much of Seattle and the Eastside, while sales continued to climb. Prices of houses sold in Seattle increased 10.5 percent year-over-year. The lacking inventory of Seattle homes for sale in the most popular neighborhoods has created bidding wars and sellers are becoming more confident in pricing their homes higher in recent months. Condo prices gained 7.4 percent, with the same dearth of inventory creating a serious shortage as buyers struggle find available condos in South Lake Union, Downtown, and Capitol Hill. Read more>