The housing market numbers are in for the third quarter of 2018 (the months of July, August and September) and Realogics Sotheby’s International Realty has analyzed the data. After seemingly endless months of the same headlines touting historically low inventory and rapidly appreciating home price values, the story has changed in the Puget Sound region as inventory growth and a slowdown in activity has given buyers a sigh of relief. Below we’ve outlined how this impacted the market in Q3-2018 on the Eastside.
After 21 months at the top of the S&P CoreLogic Case Schiller Index for highest residential price increases, Seattle is now taking second place to Las Vegas. In the last twelve months Las Vegas, Nevada has had a 13 percent increase and Seattle became runner up at 12.81 percent. Keep in mind, Las Vegas was one of the hardest hit cities after the 2008 housing crisis and subsequent recession.
According to a new study by real estate firm CBRE, Seattle is now the second strongest tech market in the United States and Canada. The report compared 13 different metrics and ranked the top 50 markets.
The housing market numbers are in for the second quarter of 2018 (the months of April, May, and June) and Realogics Sotheby's International Realty have analyzed the data. Here are a few quick facts about how the Seattle-Metro area fared. Home prices on the Eastside, as well as in Seattle, have continued their upward climb, hitting 20 consecutive months on the rise. This quarter did bring some interesting trends, however.
Despite an increase in inventory in May, single-family home prices have reached new highs. The Seattle Times reports, "The median price of a single-family home in King County was $726,275 in May, surpassing the record high of $725,000 set in April and up 15 percent compared to the previous year." In Seattle, the median home price is up 14 percent from a year ago and set a new record for hitting $830,000 in May. The Eastside was also setting records, with prices increasing 10 percent year-over-year from $950,000 to $960,000 in May.
Purchasing your first home is one of the biggest milestones in a person's life; and whether you're fresh out of college and have hit the ground running at your first well-paying job; or if you've waited and saved and watched the market for years and finally feel ready to take the plunge, we celebrate your decision! However, we also want to make sure you understand the ropes and encourage you to check this list of indicators to see if you're really ready.
The year 2017 brought many interesting milestones for our brokerage, Realogics Sotheby's International Realty; and the real estate market over the past year surely kept us on our toes! Newly published, the 2017/2018 Market Report: Year Review & Trends to Watch delves deep into market statistics in the surrounding Western Washington area, including the counties of San Juan, Island, Kitsap, Jefferson, Pierce, King, Snohomish, and Skagit.
Spring is officially here and for many that means getting homes spruced up with a little spring cleaning; and for others, it means it's time to get some work done on their homes to get ready sell. This can be a touchy subject as many people believe that making changes to their home before selling is a waste of money or a frivolous thing to do before selling to someone who may not even appreciate their hard work. There have been a few articles we've come across lately explaining which home features have the best resale value and look more desirable for buyers.
The news continues to confirm that Seattle is the hottest market in the nation. Seattle ended the calendar year in 2017 at a year-over-year 12.7 percent increase in home prices. Meanwhile, housing inventory remains extremely low. “The Seattle metropolitan area, which includes Tacoma, Bellevue, and Everett, ended  with 20.1 percent fewer homes on the market than in December 2016,” states Seattle Curbed. So, how can you possibly expect to buy a home in this market? We have a few tips, pulled from a recent Forbes article, to help you get a leg up.
We are so enamored with our newest listing we just wanted to share just a few of the unique things that make this home so special. Remodeled in 2017, this custom-built home offers 4,462 square feet of elegant living spaces with gorgeous millwork, thoughtful details, and innovative design throughout.
In a first for the Seattle-area, a local man recently purchased a home (in Tukwila) with cryptocurrency. The Seattle Times reported that, "...the buyer used a combination of bitcoin cash (a new type of Bitcoin) and several other cryptocurrencies for the 10 percent down payment and to help secure a conventional mortgage for the remaining cost of the house."
On December 6th, Realogics Sotheby's International Realty (RSIR) hosted the 2017 Momentum Forum at Bell Harbor Conference Center in Seattle. The day featured inspiring panel discussions with top ranking Sotheby's Realty brokers Shen Schulz of Malibu, Bill Fandel from Telluride, and Gregg Lynn of San Francisco. We were also joined by Sotheby's International Realty Global Vice President of Affiliate Services, North America, Tony Dolceamore and John Meschke, Vice President of Affiliate Services at Realogy, Sotheby's International Realty Affiliates, LLC.