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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A recent report released by the National Association of Realtors® reveals a decline in the number of home sales across the nation in September 2018, following a “month of stagnation in August.” The number of sales, which are composed of closed transactions of single-family, townhomes, condominiums and co-ops, were down 4.1 percent from September 2017.
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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.”
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