For the first time in years, homes in the Seattle area are spending weeks—rather than just days—on the market, bidding wars become an exception to the rule, and sellers are bringing down sales prices to attract buyers in a cooling market. As Seattle Times reports, July 2018 was the first time in four years that the market began to lean in favor of the buyer, as inventory continues to increase, this time at a staggering 44-percent rate in King County.
Read MoreAccording to a recent article featured in Seattle Times, Seattle is finally seeing inventory increase “as the rapid-fire market that has led to extreme bidding wars and lightning-fast sales slows a bit.” To be sure, looking at numbers from June 2018, the number of single-family homes “jumped an eye-popping 43 percent” while “condo inventory rocketed up 73 percent.” Neighborhoods such as Ballard/Green Lake/Greenwood and SODO/Beacon Hill doubled their inventory, while downtown Seattle condos saw a three-fold increase.
Read MoreAccording to the most recent data from Northwest Multiple Listing Service, Seattle-area home prices have now reached $820,000, and as Seattle Times reports, the highest gains can be found in South Seattle, a traditionally more affordable part of the city. Looking at South Seattle’s neighborhoods, the Southwest region (including SODO and Beacon Hill) had a median home price of $222,000 in 2012, a figure that in 2018 has reached $661,000. In the Southeast area, the $275,000 median of 2012 has increased to $650,000.
Read MoreSeattle Mag Talks Changing Home Values & the City’s Most (& Least) Affordable Neighborhoods
The March 2018 print edition of Seattle Magazine asks what Seattle neighborhoods are seeing the most change in values and forecasts the best up-and-coming neighborhoods.
For those looking to purchase in a home where they know there will be some assurance that its value will grow, Zillow analyzed market data to forecast changes in the coming year. Among the neighborhoods expected to see the greatest appreciation are Belltown, at 7.8 percent; Delridge, SODO, Highland Park and Riverview, at 7.2 percent; and Beacon Hill, Georgetown and South Park, at 7 percent. Those with the least positive outlook? The University District, Laurelhurst, Windermere and Bryant, at 3.5 percent; Montlake, Madison Park and Denny-Blaine, at 4.2 percent; and West Seattle, Alki and North Admiral at 4.4 percent.
Read More
