For the first time in years, homes in the Seattle area are spending weeks—rather than just days—on the market, bidding wars become an exception to the rule, and sellers are bringing down sales prices to attract buyers in a cooling market. As Seattle Times reports, July 2018 was the first time in four years that the market began to lean in favor of the buyer, as inventory continues to increase, this time at a staggering 44-percent rate in King County.
Read MoreSeattle has now topped the nation in home price growth on the S&P/CoreLogic Case-Shiller Home Price Index for eighteen months in gains that are once again widening on a monthly basis. Despite slipping slightly last summer, February’s monthly increase exceeded January’s by 1.74 percent, representing an average price increase of 1% per month over the last twelve months.
Read MoreSeattle Mag Talks Changing Home Values & the City’s Most (& Least) Affordable Neighborhoods
The March 2018 print edition of Seattle Magazine asks what Seattle neighborhoods are seeing the most change in values and forecasts the best up-and-coming neighborhoods.
For those looking to purchase in a home where they know there will be some assurance that its value will grow, Zillow analyzed market data to forecast changes in the coming year. Among the neighborhoods expected to see the greatest appreciation are Belltown, at 7.8 percent; Delridge, SODO, Highland Park and Riverview, at 7.2 percent; and Beacon Hill, Georgetown and South Park, at 7 percent. Those with the least positive outlook? The University District, Laurelhurst, Windermere and Bryant, at 3.5 percent; Montlake, Madison Park and Denny-Blaine, at 4.2 percent; and West Seattle, Alki and North Admiral at 4.4 percent.
Read MoreRealogics Sotheby’s International Realty recently announced that for the first time in a decade, their brokers are representing ten new multi-family for-sale condominium and townhome projects in downtown Seattle and its surrounding neighborhoods. Though project specialists admit the cycle is a mere fraction of the last one, the spur of activity has caused the firm to relaunch the UrbanCondominiums.com website and a New Developments Preview Center in Belltown at 2715 First Avenue in Seattle. These resources will help potential buyers learn more about what’s currently for sale, what’s coming next, and equip them to combat today’s competitive in-city condo market.
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