The 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%.
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The Seattle-Bellevue residential real estate market continues to move strongly ahead ahead along the trends previously reported in March, February and January.
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Just a few months ago it would’ve been hard to believe, but according to Puget Sound Business Journal, a recent Zillow report names the Seattle metro region “the third best large market in the country in which to buy a house this winter.”
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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.
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In a recent special external affairs report, The Counselors of Real Estate® highlighted the Top Ten Issues Affecting Real Estate™ for 2018 – 2019, with a look at five short-term trends and five long-term items the industry should be looking at in the coming months and years. Below, you’ll find an outline of the five most pertinent issues impacting real estate now.
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