2015 was a very big year for the Seattle WA housing market – especially for one neighborhood. While most of the country has been struggling to sell houses, that simply hasn’t been a problem for the people of Seattle WA. Recent reports show that Seattle’s King County was home to 13 out of 30 of the most competitive neighborhoods in the country. According to the report, “The rankings are based on several indicators of competition, including the percentage of homes that sold above asking price, how quickly homes went under contract and the percentage of Redfin offers that faced bidding wars.” The list also ranked Overlook as the second most competitive neighborhood in the entire country, beating out neighborhoods in major cities such as San Francisco and Portland. In fact, Overlake had such a good year that there is only one house available in the neighborhood, and it is listed at $1.5 million. While the median home prices varied among the places on the list, “All averaged houses with a median days on market under ten, all saw over 50 percent of their homes sell for over asking price and all of them saw bidding wars break out for almost every home sale.”
It’s no secret that Seattle’s success would have been impressive given any circumstances; however, the numbers are especially impressive during a time like this. Many other reports done in 2015 indicated that not only were homes in many places not being sold, but in general people either had absolutely no interest in home ownership, or could not afford the costs. The housing market in Seattle WA is proof that there is still hope for the real estate industry. While only time will tell what the future holds for real estate in Seattle, many are already predicting that 2016 will be another great year for the housing market.
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