Home values typically decrease from October to December based on seasonal data in the Seattle-Bellevue metropolitan area. However, the exogenous events indicated in my September 2019 forecast that could maintain or stimulate an increase in home values before 2020 may be aligning in November 2019. Regardless of the timing of these events, now is a good time to Buy while interest rates are lower (e.g. below 4%) and before home values appreciate in 2020.
Read MoreThe residential real estate market for the greater Seattle-Bellevue metro area has been relatively healthy and steady in 2019 after the May 2018 price correction. The sale prices of condominiums and single family homes increased 11.9% from January 2019 to May 2019. Currently, I estimate home values will decrease approximately 6% from June through December to approximately 350-355 $/sqft until January when values likely increase again, which is a net annual value increase of 5.9%.
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Over the past few years, Bellevue has emerged in the tech spotlight, with long-time giants such as Microsoft and the recent announcement by Amazon of a relocation to the Eastside. A new effort to build the Performing Arts Center Eastside (PACE) could add to the innovation with an immersive, cutting-edge approach to the concept of the performing arts center. The project has been in planning for decades but new CEO Ray Cullom is breathing new life into it - they have now raised $123 million of the estimated $200 million it will take to fund the project.
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After months of secrecy, T-Mobile has unveiled a new 20,000 square foot testing lab inside the Launch Pad, company’s innovation and testing facility. GeekWire recently toured the facility, which employees roughly 200 workers that test the function and durability of a range of devices, from smart homes to iOT gadgets.
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In June 2019, the Seattle-Bellevue real estate market has entered the seasonal “Summer Slowdown,” also known as a “Summer Slump” caused by decreased Buyer activity, however we’re still in a Seller’s market. Essentially, home values have recovered their losses from the May 2018 price correction and values seem to be going sideways.
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There is a nationwide phenomenon of home price gains slowing nationwide. “Home price gains continued in a trend of broad-based moderation,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019.
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The Seattle-Bellevue residential real estate market continues to move strongly ahead ahead along the trends previously reported in March, February and January.
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In February 2019, Onni Group made their first real estate purchase on the Eastside, with the acquisition of a four-acre site in downtown Bellevue—currently home to a church and Barnes & Noble store—for $116 million. On Thursday, March 14th, the company provided the first set of publicly available images for a large-scale mixed-use project it plans for the area, which, according to Puget Sound Business Journal, will comprise “three 600-foot-tall towers totaling 1,289 residences, 896,000 square feet of office space, 317 hotel suites and 2,318 underground parking stalls.”
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The real estate market is strong and active as of March 2019. Please refer to the following recent reports in reverse chronological order for trends and data that lead to this point.
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In 2019, the greater Seattle-Bellevue metro area residential real estate market picked-up significant momentum after going through a price correction that began in May 2018 and leveled-off beginning in October to December-January.
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