Wow! What a year the real estate industry had in 2013! Here in King County, we saw big gains in the median price of single family residences. In most cases, the median price increased, largely due to low inventory and lots of competition for buyers. The median price for homes in King County in 2013 came in at $420,000 — an 11 percent increase over 2012 (source: Rainier Title).
For those of you owning homes in West Bellevue, Mercer Island, Queen Anne/Magnolia, Kirkland-Bridle Trails, and Central Seattle, those areas saw the biggest bang for your buck. Central Seattle is one of those areas that surpassed its 2007 level (at the height of the housing bubble). Will the bubble burst again? Not likely. With more than 100 homes sold for over $1M last year, new developments, and job growth, that area, along with its ripple effects, will keep the Seattle and King County housing market chugging along.
Find out how your neighborhood’s homes and condos fared in 2013 on my Home Sales Stats page.
Also read a recap of the 2013 housing market in The Seattle Times.