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Market Update

Seattle-Bellevue Market Update

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Seattle-Bellevue Market Update

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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How to Time the Market

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How to Time the Market

I was recently holding an open house when a curious neighbor came into the home to check out the new improvements and ask about current market conditions. After showing her the home and added value/improvements made by the seller—and asking her to tell everyone she knew—I briefly explained that we are going through a market correction, which began in mid-May (like a light switch on May 10th), and touched on the probable causes. I went on to say that current market conditions seem to have stabilized: generally, sales have increased and inventory began decreasing around mid-October (I saw it October 18th). I summed it up quickly with, “I believe it’s a great time to buy.” She looked at me and said “yeah, but what would you say to your friend or a family member. How would you advise them?” I shrugged and smiled as I replied, “I just did.”

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Slower (Not Lower) Home Price Growth

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Slower (Not Lower) Home Price Growth

S&P Dow Jones recently released the Case-Shiller Home Price Index for August 2018, revealing that Seattle home price growth continues to slow. Up until just two months before that, Seattle led the nation in single-family home price gains for 21 consecutive months, but that run was ended as Las Vegas took over the lead.

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What to Make of Seattle’s Market Cooldown

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What to Make of Seattle’s Market Cooldown

It’s been a time of some uncertainty in the Seattle real estate market, as buyers and sellers have felt wary of falling home prices, longer market times, and growing inventory. As a Seattle Times article from early September noted, “home prices are continuing to fall across an unseasonably cool Seattle real estate market, with homes that would have been snapped up in an instant just several months ago now sitting unsold.” August represented the third straight month of median home price declines in King County, with the countywide cost of a single-family home, at $669,000, down nearly $60,000 compared to May 2018.

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Inventory Gains Help Ease Home Price Growth in Washington State

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Inventory Gains Help Ease Home Price Growth in Washington State

Those searching for homes in Western Washington are now choosing “from the largest supply of homes in three years,” this according to the latest press release published by the Northwest Multiple Listing Service (NWMLS). As the report outlines, home price growth has slowed significantly, at 6.7 percent across all counties surveyed. This paired with inventory gains is alleviating some pressure on buyers in the market.

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Puget Sound Inventory Gains Leave Some Buyers Hopeful

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Puget Sound Inventory Gains Leave Some Buyers Hopeful

Inventory—particularly a lack thereof—has been on the mind of many Seattleites in recent years, particularly those that decide to take a leap into homeownership. And after years of the same story, things are beginning to change, as a Realtor.com report cited by Puget Sound Business Journal reveals “‘a quiet inventory turnaround’ in high-priced markets” as the Seattle-Tacoma-Bellevue region saw a near 30-percent increase in the number of active listings in July 2018.

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