Slowing Rent Increases Could Bring More Landlords to List Single-Family Homes for Sale

After a few years of staggering rent increases, single-family home rental prices in Seattle are leveling off, which Seattle Times predicts could bring more and more landlords to decide to list their homes for sale and benefit potential homebuyers (and renters). As the article outlines, approximately 1 in 6 single-family homes in the greater Seattle region is currently rented, and the last couple of years have seen dramatic decreases in what was once a burgeoning market for landlords. While “rents in local single-family homes rose a paltry 0.4 percent in February from a year ago,” landlords saw 4% increases last year, and “just two years ago, rents were soaring as much as 9 percent annually.”

Market UpdateAaron FreemanJune 12, 2018Seattle Times, Rental Market, Landlord, Seattle, Single-Family Home, Inventory, Los Angeles, Miami, Chicago, AustinComment

Quantity of Homes For Sale in King County Increases After Years of Shortage

The headlines over the past few months in the greater Seattle region have often felt like “stale news,” with housing prices continuing to increase as inventory dwindled and demand rose. Yet homebuyers received some welcome good tidings last week, as the latest Northwest Multiple Listing Service press release revealed that the number of homes available for sale actually increased in May. Puget Sound Business Journal reported on the news, writing that “the four-county metro area had nearly 10,500 new listings in May, 1,000 more than the same month in 2017.”

April Home Sales Data Reveal Rising Prices & a Rare Inventory Increase

There was good news for Seattle-area homebuyers in the latest Northwest Multiple Listing Service Press Release, as April 2018 data revealed a slight increase in inventory. In all, “Northwest MLS brokers added 11,271 new listings to inventory during April, a gain of 6.3 percent when compared to March; and up nearly 5.9 percent versus a year ago.” Despite more homes on the market, just 6 of the 23 counties covered reported year-over-year inventory gains, and “King County was the only one in the Puget Sound region to notch a gain, up 13.6 percent from a year ago.”

Home Prices Continue to Rise Amidst Seattle’s Supply & Demand Imbalance

In a recent real estate column in Seattle Times, reporter Mike Rosenberg asked a question on many minds: “Why are Seattle-area home prices so high?” At the most basic level, it all boils down to two factors: supply and demand.

Market Update, Local EconomyAaron FreemanMay 22, 2018Seattle Times, Seattle, King County, Inventory, Demand, Supply, Real Estate TrendsComment

Seattle Tops the Nation in Home Price Growth for 18th Consecutive Month

Seattle 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.

The 2017/2018 Market Report: Year End Review & Trends to Watch

William Hillis, RSIR's acclaimed Research Editor and Data Analyst, has assembled a year-over-year performance review of eight key counties and 29 regional markets, with trends to watch in 2018.

Market Trends From Around the Sound: Q1-2018

I am pleased to present a look at the housing market trends for the first quarter of 2018, from the shores of Bainbridge Island's waterfront homes and in-city living opportunities to the Eastside's most distinguished residences.

Record-Breaking Price Gains in San Francisco As Median Home Price Reaches $1.6 Million

According to an article recently published by Bloomberg, home prices in San Francisco have continued to soar in the first few months of 2018, as the median sale price reached $1.6 million in the first quarter, “an almost 24 percent jump from a year earlier.”

Seattle’s Median Home Price Rises to $820,000

According to the most recent data from Northwest Multiple Listing Service, Seattle-area home prices have now reached $820,000, and as Seattle Times reports, the highest gains can be found in South Seattle, a traditionally more affordable part of the city. Looking at South Seattle’s neighborhoods, the Southwest region (including SODO and Beacon Hill) had a median home price of $222,000 in 2012, a figure that in 2018 has reached $661,000. In the Southeast area, the $275,000 median of 2012 has increased to $650,000.

Why is Seattle’s Home Inventory So Low?

In looking at data from last year’s home price growth and number of sales, one clear trend emerges: a lack of available homes for sale was a major theme in Seattle’s market. And as Curbed Seattle reports, “so far this year, inventory has been even more sparse,” as recent Northwest Multiple Listing Service (NWMLS) data shows that there was less than 1 month of available inventory in February, down from just over one month last year.

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Aaron Freeman