The housing market numbers are in for the fourth quarter of 2018, and Realogics Sotheby's International Realty have analyzed the data.
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Following fourteen long months of speculation, Amazon finally announced its HQ2 destinations in early November, giving the spoils to Long Island City (a section of Queens in New York) and Crystal City (a Virginia town just outside of Washington D.C.). Amazon publicly announced their search for an HQ2 location back in September 2017, which was quickly followed by the clamor of cities vying for the e-commerce giant’s attention. After narrowing down to a list of twenty cities earlier this year, many were surprised when the rumor of two HQ2’s began to swirl and was finally confirmed by Amazon.
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.
I am proud to present a look at the housing market trends for the fourth quarter of 2017, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
Seattle | Single Family Homes
Seattle home prices continued to reach far beyond seller’s expectations in Q4-2017, as the median sales price increased 16.7% year-over-year to %882,000. View report here.
Eastside | Residential
Q4-2017 posted impressive gains on the Eastside, as the average sales price increased 11% compared to last year and the days on market plummeted to 26 days. View report here.
Bainbridge Island | Residential
Bainbridge Island continues to attract buyers, as the number of homes sold was up slightly compared to Q4-2016 despite a sharp 32.9% decrease in inventory. View report here.
Seattle | Condominiums
The average sales prices for condominiums in Seattle as a whole increased by 11.6% compared to the third quarter of 2016, while the value of condos in the downtown core continues to skyrocket. View report here.
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."