Dave Leonti has worked in the real estate industry for over 20 years. He is a licensed real estate broker who also serves as a property manager and equity owner in Casa Dolce Homes, a professional house-flipping company based in Sammamish, Washington. In both capacities, Dave Leonti’s success requires a thorough understanding of the trends and prospects of the Washington State housing market.
Currently, Washington State is experiencing record home prices, particularly in the Seattle area. Seattle leads the nation as the hottest housing market, with home prices increasing by more than $100,000 over the past year. On average, home prices across the state increased by over 12 percent in the first quarter of 2017, when compared with the same period in 2016. The latest data indicates that the median price for a home in Washington State is between $320,000 and $330,000, with Seattle single-family homes averaging around $700,000.
The condition of Washington’s real estate market can be attributed to a number of factors. As job opportunities and income in the state rise, so do the population and demand for houses. Sellers often perpetuate the problem. With increases in demand, some confident sellers decide to hold on to their homes, in anticipation of the value increasing even more. Others who would otherwise sell are reluctant to do so because buying another home is no longer affordable. These factors have attributed to a dearth of inventory in a market where demand shows no signs of slowing down.
