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 MoreSeattle has now topped the nation in home price growth on the S&P/CoreLogic Case-Shiller Home Price Index for eighteen months in gains that are once again widening on a monthly basis. Despite slipping slightly last summer, February’s monthly increase exceeded January’s by 1.74 percent, representing an average price increase of 1% per month over the last twelve months.
Read MoreRealogics Sotheby’s International Realty recently announced that for the first time in a decade, their brokers are representing ten new multi-family for-sale condominium and townhome projects in downtown Seattle and its surrounding neighborhoods. Though project specialists admit the cycle is a mere fraction of the last one, the spur of activity has caused the firm to relaunch the UrbanCondominiums.com website and a New Developments Preview Center in Belltown at 2715 First Avenue in Seattle. These resources will help potential buyers learn more about what’s currently for sale, what’s coming next, and equip them to combat today’s competitive in-city condo market.
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