Currently, the greater Seattle-Bellevue real estate market is approaching the end of the peak selling season in early June. Thereafter, based on historical, seasonality; the number of properties under contract tends to decrease or stabilize until increasing again in late August through September, and decreasing during the holiday season from October to mid-January.
Read MoreIt’s interesting to note that whoever you speak with in the residential real estate industry with 10 to 20 or more years of experience, whether it’s brokerage, mortgage financing, home inspections or leasing, they’ll probably tell you the lowest activity they’ve experienced in their career was from September 2022 until February 2023.
Read MoreThe greater Seattle-Bellevue real estate market is following the seasonal trend in 2023 and I anticipate increasingly stronger Buyer activity in April as mortgage interest rates have dipped below 6% towards the end of March.
Read MoreThe greater Seattle-Bellevue real estate market of 2023 began with strong Buyer activity in January. The quantity of single-family properties in King County going under contract (demand) in January 2022 (1,282) increased 2% in January 2023 (1,308).
Read MoreThe greater Seattle-Bellevue real estate market was an absolute roller coaster in 2022 but appears to be on track as Buyer activity began to increase in January 2023 following the typical seasonal trend from January to June. The quantity of homes going under contract in King County during the first half of January 2023 was 23% more than the first half of January 2022.
Read MoreThe greater Seattle-Bellevue real estate market dramatically cooled after June 2022 due to the typical downward seasonal trend combined with exponentially higher mortgage interest rates that peaked in October and November at 7.85%--from rates as low as 2.625% in late 2021 to 3.85% in March 2022. Now, interest rates are at a two-month low and qualified borrowers are seeing rates below 6%, again. I believe mortgage interest rates will range between +/-5% and +/-6% in 2023. I do not believe we’ll see rates below 4% in 2023 or 2024.
Read MoreHome values typically decrease from October to December based on seasonal data in the Seattle-Bellevue metropolitan area. However, the exogenous events indicated in my September 2019 forecast that could maintain or stimulate an increase in home values before 2020 may be aligning in November 2019. Regardless of the timing of these events, now is a good time to Buy while interest rates are lower (e.g. below 4%) and before home values appreciate in 2020.
Read MoreThe residential real estate market for the greater Seattle-Bellevue metro area has been relatively healthy and steady in 2019 after the May 2018 price correction. The sale prices of condominiums and single family homes increased 11.9% from January 2019 to May 2019. Currently, I estimate home values will decrease approximately 6% from June through December to approximately 350-355 $/sqft until January when values likely increase again, which is a net annual value increase of 5.9%.
Read MoreIn June 2019, the Seattle-Bellevue real estate market has entered the seasonal “Summer Slowdown,” also known as a “Summer Slump” caused by decreased Buyer activity, however we’re still in a Seller’s market. Essentially, home values have recovered their losses from the May 2018 price correction and values seem to be going sideways.
Read MoreThere is a nationwide phenomenon of home price gains slowing nationwide. “Home price gains continued in a trend of broad-based moderation,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019.
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