Seattle-Bellevue Market Update
In 2019, the greater Seattle-Bellevue metro area residential real estate market picked-up significant momentum after going through a price correction that began in May 2018 and leveled-off beginning in October to December-January.
Please refer to the following articles for more information:
MARKET TRENDS FROM AROUND THE SOUND: Q4-2018, JANUARY 22, 2019
HOW TO TIME THE MARKET, DECEMBER 22, 2018
SLOWER (NOT LOWER) HOME PRICE GROWTH, NOVEMBER 16, 2018
🌬️🏘️WHAT TO MAKE OF SEATTLE’S MARKET COOLDOWN, SEPTEMBER 17, 2018
In January 2019, I interacted with a larger quantity of more deliberate buyers on the market—relative to more indecisive buyers in December—that were making offers on homes or planning to purchase by June.
In the city of Seattle, the quantity of properties that went under contract (pending sales) increased 56% from December 2018 (363) to January 2019 (569).
In the city of Bellevue, the quantity of properties that went under contract (pending sales) increased 57% from December 2018 (44) to January 2019 (69).
In short, price decreases coupled with the Federal Reserve's dovish stance on rate hikes for 2019 have spurred demand. Overall, there is a feeling of more certainty/confidence in the local marketplace. Did you know that Seattle ranks 5th in the nation for job growth, up from 7th last year?
The Mortgage Bankers Association on February 27, 2019, Mortgage Applications Increase in Latest MBA Weekly Survey
"Mortgage rates were little changed last week, but as we anticipated, home buyers are responding favorably to this more stable rate environment," said Mike Fratantoni, MBA Senior Vice President and Chief Economist.
Although it is not uncommon—now—for buyers to be interested in homes that get multiple offers again, there are still plenty of other options available.
In Seattle, during the white HOT seller's market of January 2018, there were only 332 homes on the market, which was 26% LESS than the amount that sold 418 (more demand than supply) as opposed to the 769 homes available in January 2019, which was 107% MORE than the amount sold, 371 (over twice the amount that sold; more supply than demand). There was a 124% increase in inventory (homes for sale) from January 2018 to January 2019.
Note: the above graph represents the quantity of homes available (for sale) versus sold in the cities of Seattle and Bellevue.
In Bellevue, during the white HOT seller's market of January 2018, there were only 66 homes on the market, which was almost the same amount that sold 65 as opposed to the 176 homes available in January 2019, which was 300% MORE than the amount sold, 44 (over 4 times the amount that sold; more supply than demand). There was a 167% increase in inventory (homes for sale) from January 2018 to January 2019.
There are home/options to be prudently evaluated by Buyers and no reason to rush the process, and increase the likelihood of an oversight.
I would be happy to help guide you to reaching your real estate objectives, whether you’re buying or selling.