More than half the homes sold in Seattle last year were sold for more than the asking price. That's according to statistics from Zillow released last week.
Zillow says 52.4 percent of homes were bought for more than the asking price in 2017. That's an increase from 20.3 percent five years earlier. That's the largest increase in any market that Zillow tracked.
The median amount paid above the list price was $21,000.
“In the booming tech capitals of the California Bay Area and Pacific Northwest, paying above list price is now the norm. In the face of historically tight inventory, buyers have had to be more aggressive in their offers. We don’t expect this inventory crunch to ease meaningfully in 2018, meaning buyers will be facing many of the same struggles this year.”
Nationwide, 24.1 percent of homes sold above asking price compared to 17.8 percent in 2012. The median amount paid above list price was $7,000.
Zillow cites strong demand, limited supply, and low-interest rates in the U.S. housing market, with a steady decline in inventory over the past three years.
The average home in Seattle sells in less than 50 days, according to Zillow. That's faster than the nationwide average of 80 days.
"The typical buyer spends more than four months home shopping and has to make multiple offers before an offer is accepted," Zillow said in a statement.
San Jose had the highest percentage of buyers who paid above price for homes -- 68.5 percent -- with the median amount spent at $62,000 over list price. San Francisco was second -- 64.5 percent -- and with the median amount spent at $41,000 over the list.
“In the booming tech capitals of the California Bay Area and Pacific Northwest, paying above list price is now the norm. In the face of historically tight inventory, buyers have had to be more aggressive in their offers," Zillow Senior Economist Aaron Terrazas said in a statement. He added that he does not see the trend changing in 2018.
Down in Portland, 41 percent of homes were sold above the asking price in 2017, an increase from 19.6 percent in 2012. The median amount paid above list price was $10,100.