Bidding wars erupt in Seattle area

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by CHRIS DANIELS / KING 5 News

Bio | Email | Follow: @ChrisDaniels5

KING5.com

Posted on May 11, 2014 at 10:13 PM

Updated Monday, May 12 at 1:27 PM

Dave Chiu walked around an open house on Pine Lake, almost resigned to one conclusion.

"It's just crazy," said Chiu, as he looked at the home on the Sammamish plateau. "You know it's going to be a competitive market." He says he's been looking for a while for a home in that area, and was out bid.

"There are very few homes on the market," concedes Tamaira Devaney, of Redfin.  "66 percent of all our offers right now in Seattle metro area, in the month of march, were bidding wars."  

The Northwest Multiple Listing Service says the housing supply, in King County, is less than half of normal and has prompted multiple bids, and conversely, prices that are well above listing prices.

44% of homes for sale in Sammamish, since January 1st, have sold above list price.  It's the highest percentage in the Seattle region.  35% or more of homes in Newcastle, Bellevue, North Bend, Duvall, Redmond, Issaquah, Kirkland, Sultan, and Seattle also have sold above list price.  The percentages are even higher when narrowed down by neighborhood, in places like Ravenna, Laurelhurst, Wedgwood, and the Whittier Heights neighborhood, near Greenlake.  That's where 70% of sales have gone above asking price.

"I think these things go in cycles," says Chiu, "Like anything, it's supply and demand."

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