Latest Stats Reveal a Surge in Million-Dollar Home Sales in King County

    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.

    Where You Can Find a Seven-Figure Home
    Eastside used to be the spot you want to look at for luxury real estate like mansions and stylish waterfront homes in the area, but million-dollar homes can now be found even in once-considered affordable areas. In Rosenberg’s article, he mentioned that there were about 221 million-dollar priced homes sold in 2017 in the northern and southern areas outside of Seattle, a number that beats 2016 records by over 250%. At present, million-dollar homes are showing up at a fast pace in the areas of Renton, Burien, Kent, Federal Way, and Enumclaw.

     

    The Implication of this Data to First-Time Buyers 
    Renters who are unsure about purchasing a home due to the financial burden of paying off a long-term loan have to think twice about what they are missing; home values are constantly rising, and the trend shows no pattern of slowing down. Real estate experts advise first-time buyers to overcome their fears by looking at the bigger picture; statistics show that home owners build their investment portfolio faster than home renters do. If you are looking to buy a home in promising markets like King County, Snohomish County, and Kittitas County– all areas that have shown growth in real estate demand and values– then it’s best to consult with a real estate professional who can provide sound advice on how to purchase a home before it’s too late.

    Cash in on your investment in the future by investing in real estate that you can still afford NOW. We can help. For a free consultation, you may reach us at 425-332-6449 or email us at grace@homeexperiencegroup.com. Not only will we help you search for a home, we will also assist you with your home financing concerns and escrow needs.

    Got a home to sell? We have the market and the right connections to help you get your home sold. Get in touch with us today!

     

    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.

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