A recent report published late last month by Mike Rosenberg of the Seattle Times revealed an interesting pattern on how home values have drastically increased in the areas in and around Seattle in 2017.
The sale of million-dollar homes in King County increased by 71% compared to last year’s data. Statistics show that the price point once reserved only for luxury properties such as mansions and waterfront estates now include ordinary homes located in highly-desirable neighborhoods and stylish homes located in rural communities.
The Northwest Multiple Listing Service noted that there were over 4,900 million-dollar homes sold in 2017– a 60% increase in sales compared to 2016’s 2,900 million-dollar homes sold (which, in itself, is already an unprecedented record at the time). Simply put, 1 in 10 homes sold in 2016 sold for 7 figures; in 2017, the ratio jumped to 1 in every 5 homes.
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SOURCE: Mike Rosenberg’s article entitled “Million-dollar home sales surge in King County, creeping into cheaper neighborhoods” first appeared on the Seattle Times website on 23 January 2018. No copyright infringement intended.