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Home prices in King County hit new highs in February as buyers tried to
outbid each other for the sparse inventory in much of Western Washington.
"We're in for another crazy spring real estate market," predicts J. Lennox
Scott, chairman and CEO of John L. Scott, Inc.
With the number of single family homes for sale in King County down nearly
30 percent from a year ago, prices on last month's sales surged 19.8 percent
, jumping from $429,900 to $514,975. Ten other counties in the 23-county
area served by Northwest Multiple Listing Service also reported double-digit
price gains for single family homes that sold last month, according to its
latest statistics. Condo prices surged 19.6 percent.
"Buyers who are looking for houses cannot start looking at the top of their
affordability range -- they should look 15 or 20 percent below their limit
and be prepared to go over list price if they have any hope of success,"
suggested Frank Wilson, immediate past chair of the Northwest MLS board. |
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