Single-family home prices within the Seattle metro area increased 12.3 percent in March from a year prior, according to the monthly Case-Shiller home price index. These reported local price gains demonstrate the fastest growth in three years and are double the national average of 5.8 percent, reports the Seattle Times.
Seattle’s escalating real estate market means many buyers find themselves in an intense bidding war. According to Redfin data, Seattle had the highest rate of bidding wars of any city Redfin tracks, which includes major markets like Denver, Boston, Austin, Washington DC, San Francisco, Oakland, Los Angeles and Portland. Over the last two months, about 90 percent of houses for sale in the city of Seattle spurred bidding wars, reports Redfin. That’s the most since records began at the start of this decade.
The market was heating up three years ago with 71 percent of homes attracting multiple offers. But at the beginning of the decade, less than half of Seattle homes solicited that level of competition.
The typical single-family house in Seattle last month sold for a record $722,000, reports NWMLS. It’s become common for a house in Seattle to attract multiple competing offers, sometimes pushing the winning bid to more than $100,000 above the asking price. Many buyers have resorted to waiving inspections, and submitting a bigger portion of their offer in nonrefundable cash sums.
With so many more interested buyers than homes for sale in the area, when a house does come onto the market, buyers find themselves fighting it out in a survival of the richest.