Seattle Housing Market Report: Sellers Actually in Control

The Seattle housing market is different than the rest of the country. And we’re not talking about the regions average rainfall.

Housing prices rose there last month, jumping nearly 15 percent from February 2006, causing some real estate experts to say it’s a “strong seller’s market.” This is quite an unusual story compared to most other states.

The February Northwest Multiple Listing Service (NWMLS) survey of Puget Sound home sales indicated that the median home sale price in King County rose to $393,250, up from $344,950 a year earlier.

In all the 19 counties surveyed, the median price last month jumped by 14.41 percent.

Condominium prices in in the King County housing market kept rising last month, increasing to a median of $285,250 from $228,950 a year earlier, or nearly a 25 percent increase. In Kitsap County, the median price paid for a condo jumped nearly 45 percent last month compared with a year earlier, rising to $347,475 from $240,000 in 2006.

Residential real estate professionals were pleased with the monthly tally. It means those seeking a Washington mortgage may need to tap into their wallet.

“The news is good and getting better,” said Dick Beeson, NWMLS director and home mortgage broker/owner of Windermere Real Estate/Commencement Associates in Tacoma, in a statement.

NWMLS officials said that low mortgage interest rates, coupled with the area’s job growth, will “sustain a healthy housing economy throughout the Puget Sound region.”