Eastside median home price hits $880,000

by: Alison Grande Updated:

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The median home price on the Eastside just hit $880,000 and in Seattle the median home price is $722,000, according to the Northwest Multiple Listing Service.

The NWMLS released the data for April yesterday and it shows a decline in inventory and sales while prices continue to climb.

According to the MLS, inventory was down 25 percent from April 2016.

High demand and low inventory continue to push up prices, especially on the Eastside.

The median price is up 21 percent from April 2016 to April 2017.

Vidya Balakrishnan and her husband are hoping to buy a home, close to their son's school and Microsoft.

They've been trying for a while and Balakrishnan says she is competing with offers $100,000, $150,000 over the listing price, and cash offers. KIRO-7 asked her about the $880,000 median price. "I just hope it's not a bubble,"said Balakrishnan.

She is counting on her broker's help.

"When is the right time to pull out all the stops and when is the right time to walk away," described Denise McJunkin of John L. Scott.

Ky DeWald of Capture Realty is selling a home near Interlake High School in Bellevue. It is listed at $750,000 but he expects it to go for more than $800,000 because of the buying behavior he's seen on other properties.

"We're seeing upwards of 20-30 offers, sometimes on properties that are going on the market under $900,000 that are move-in ready,' said DeWald.

KIRO-7 Eastside Reporter Alison Grande went to see what the $880,000 homes look like and saw quite a variety.

In Kirkland, $880,000 can get you a brand new 1,500-square-foot home at the Juanita Farmhouse Cottages.

 

 

"What's wonderful about The Cottages it's its own community, there are eight homes on site," said managing broker Jeff McDonald of Realogics Sotheby's.

The community will share a common farmhouse with a space to entertain and storage for each home.

We asked Aaron Gazes, a broker with Realogics Sotheby's about the $880,000 dollar median price.

"No, it doesn't surprise me, we're telling clients we've started to see numbers right around the million dollar mark and that's kind of the norm, as crazy as it sounds, numbers don't lie and that's what's most realistic today as prices get driven up," said Gazes. He said inventory is way down.

"People are reluctant to sell. There's a fear of 'what's next, what's the next chapter?' and if, for instance, a retired couple is downsizing there's no home to go to."