There is a torrid market building in Seattle housing. Prices jumped 18.9% over the past year, with a very strong job market and inventory levels down to historic lows. “The frenzy market has returned and is in full bloom” said J. Lennox Scott, chairman and CEO of John L Scott Real Estate. “We are selling more homes than new listings that come on the market.”
Like a wave emanating from the epicenter, prices are up less across the water in Bellevue, north in Snohomish and even less in Skagit County. Anacortes is a derivative market of Seattle’s and is benefitting from the strong prices. Retirees who can finally sell their homes are moving north, along with an influx of new squadrons from Whidbey Naval Air Station and big city escapees looking to telecommute.
The average sales price in Anacortes is up 7.6%, with inventory levels down 20% from last year. “We are continuing to see strong demand from buyers and as long as interest rates stay low and the job market remains strong, prices will remain firm,” said Guy Davidson, Broker at John L Scott Anacortes. “New construction pricing has increased substantially over the past few years and even with prices rising in conjunction with the economic recovery, fundamentals are strong. We see solid growth ahead for a number of years.”