Eastside median home prices nearing $1 million as housing market remains scorching hot
SEATTLE -- February is typically a slow month for home sales due to weather. But this year while the month has been chilly, home sales remain rather hot.
The Northwest Multiple Listing Service says in its February report that the median price for a home in Seattle is $777,000 -- a 20 percent jump from January, which was a record then.
It's even a greater pace of acceleration on the Eastside, where the median home price is nearing $1 million at $950,000.
Another benchmark was reached in the Seattle condo market where the median price was $535,000, surpassing the half million mark for the first time.
If all of this has you running for the outlying areas, you won't find a whole lot of relief. Snohomish and Kitsap County prices are up more than 17 percent.
All of these numbers are about 50 percent higher than they were in 2007 before the recession hit.
Experts predict prices will continue to go up through the summer, which is when sales go up anyways because of the better weather.