ML-Implode News - Seattle's median home price hits record: $700,000, double 5 years ago

"We just have one of the largest pent-up demands we've ever had, in terms of numbers of buyers out there," said John Deely, principal managing broker in Seattle for Coldwell Banker Bain, and the listing service's board chairman. "The demand is so high, it's hard to say that (prices) are going to stop going up. My thought would be they're (eventually) going to stop going up so fast as they have been."
Demand -- propelled by rising employment numbers, growing salaries and tenants desperate to escape soaring rents -- has far outstripped a supply of homes for sale that reached an all-time low in February, creating intense competition and driving up prices.
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The number of homes for sale across the Seattle metro area has plummeted 67 percent in the last five years, the second-biggest decline in the country behind the Salt Lake City region, according to Trulia.

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Seattle's median home price hits record: $700,000, double 5 years ago | The Seattle Times