Posts in Market Update
Comprehensive Real Estate Market Update: 2018 Year in Review and 2019 Trends to Watch

Realogics Sotheby’s International Realty presents the 2018/2019 Market Report, a comprehensive look at the 2018 real estate market and a look ahead at 2019. The report includes a 2018 retrospective which explores the shifting real estate market, including increasing inventory, the fallout from Seattle’s adopted (and subsequently repealed) “head tax” and the outcome of Amazon HQ2, sustained political banter in the U.S. and abroad, the threat of interest rate hikes, a look at Seattle’s performance on the S&P CoreLogic Case-Shiller Home Price Index, and more.

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Market Trends Around the Sound: Q1-2019

Data for the first quarter of 2019 has arrived and many of the fundamentals that marked the final quarter of 2018—such as mediating home price growth and an influx of inventory—continued into Q1-2019. The first quarter is an historically slower real estate sales season and while past years departed from seasonal trendlines, 2019 shifted back to it, with less sales, longer market times, and relatively steady year-over-year home prices.

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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

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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