The Pacific Northwest is a highly competitive area for homebuying, but Tacoma and Seattle were recognized in a recent study as among the most aggressive in the country during the month of April compared to the previous year.
Redfin reported a national increase of 7.6 percent in the median home sale price in April compared to a year ago, with a median price of $302,000 across 174 markets. For the first time in history, the national median home price exceeded $300,000.
The number of home listings in April also rose 5.7 percent, but it was not enough to ease inventory shortages. The typical listing sold in April went under contract in 36 days, just shy of a week faster than the year before.
However, the national figures seem leisurely compared to the speedy home sales and shocking price stickers found in the Puget Sound area. In Seattle, the median number of days on the market was a head spinning seven days, and in Tacoma, the median was nine days. Denver, Colorado was at the top of the list of fastest home sales with half of all homes pending sale in six days. Also, 64 percent of Seattle homes were sold above list price. That figure was 50.8 percent in Tacoma.
In terms of growth in price, Seattle homes were 14.7 percent more expensive this April versus last April, and Tacoma experienced a 13.4 percent rise in price over the previous year. San Jose, California experienced the steepest price growth at 26.2 percent since last year, rising to a median sale price of $1.210 million.
“Our region is experiencing a great resurgence and the economy is diversifying with new companies moving in and expanding thanks to the affordable cost of doing business and ample workforce,” said Kent Selders, Redfin market manager in Michigan, in a statement. “As home prices rise, it can be tough for local buyers to compete with buyers from elsewhere who have reverse sticker shock and loaded pockets from selling a home in San Francisco, Boston or Chicago.”