South Snohomish County home buyers getting a dose of Seattle prices

Home buyers and sellers in south Snohomish County are getting a taste of what Seattle has been experiencing for years.

Home prices in Mountlake Terrace, Lynnwood, and Edmonds are 8 to 10 percent higher than they were a year ago, says Greg Hoff, owner of Windermere Real Estate in Edmonds.

“We’ve got a lack of inventory which is pushing the sold prices of the homes upward,” Hoff told KIRO 7.

Related: Amazon convenient scapegoat for rising Seattle rent

The average price for a home in Mountlake Terrace is $400,000. In Lynnwood, it’s $436,000. The average in Edmonds is $581,000.

Like other cities in Western Washington, buyers are finding themselves in bidding wars with people willing to pay in cash.

“I think right now if you are a seller that doesn’t have to buy you’re a big winner,” Hoff said.

Home prices in Washington are rising faster than any other state in the country, according to a recent report. Counties including San Juan, Stevens, Mason, Grays Harbor, and Jefferson were among those with price increases of 20 percent or more early this year.

Washington home prices are growing at a rate of nearly double the national average; they rose 10.6 percent compared with a year ago.

In Seattle, a record was set when the average home price rose to $666,000 recently. The new numbers from the Northwest Multiple Listing Service came out last week. The report shows that home prices are up 74 percent in five years and 15 percent over last year.

Pierce and Kitsap counties have also seen double-digit growth, according to the Northwest Multiple Listing Service.

Follow @https://twitter.com/mynorthwest