I am pleased to present a look at housing market trends for the third quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
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After seemingly endless months of a frenzied real estate market in the Puget Sound region in which buyers faced anemic supply and highly competitive bidding wars, the latest Northwest Multiple Listing Service (NWMLS) press release reports that we are “finally returning” to a more balanced market, as “buyers welcome more choices, moderating prices.”
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.
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.
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.
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.
Realogics Sotheby's International Realty recently released a Waterfront Update that examines regions across Puget Sound and highlights popular waterfront communities with information regarding home values, sales trends and market activity. The report is centered around price trends and the typical location factors that affect the value of any real estate. Waterfront sales, however, may also be influenced by other aquatic factors including docks, moorage, beach or tidelands access, and more.
I am pleased to present a look at housing market trends for the second quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
According to a recent article featured in Seattle Times, Seattle is finally seeing inventory increase “as the rapid-fire market that has led to extreme bidding wars and lightning-fast sales slows a bit.” To be sure, looking at numbers from June 2018, the number of single-family homes “jumped an eye-popping 43 percent” while “condo inventory rocketed up 73 percent.” Neighborhoods such as Ballard/Green Lake/Greenwood and SODO/Beacon Hill doubled their inventory, while downtown Seattle condos saw a three-fold increase.
S&P CoreLogic Case Shiller recently released their Home Price Index for April 2018 and in news that won’t come as a shock to many, Seattle has now led the nation in home price growth for 20 months in a row, marking the second longest streak in the history of the entire index. At 13.1% year-over-year growth, the Emerald City showed impressive gains from March through April, with increases of 2.8 percent and 2.7 percent respectively, the first time the city has experienced back-to-back increases above 2.25 percent since May of 2013.