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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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.
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I was recently holding an open house when a curious neighbor came into the home to check out the new improvements and ask about current market conditions. After showing her the home and added value/improvements made by the seller—and asking her to tell everyone she knew—I briefly explained that we are going through a market correction, which began in mid-May (like a light switch on May 10th), and touched on the probable causes. I went on to say that current market conditions seem to have stabilized: generally, sales have increased and inventory began decreasing around mid-October (I saw it October 18th). I summed it up quickly with, “I believe it’s a great time to buy.” She looked at me and said “yeah, but what would you say to your friend or a family member. How would you advise them?” I shrugged and smiled as I replied, “I just did.”
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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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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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Those searching for homes in Western Washington are now choosing “from the largest supply of homes in three years,” this according to the latest press release published by the Northwest Multiple Listing Service (NWMLS). As the report outlines, home price growth has slowed significantly, at 6.7 percent across all counties surveyed. This paired with inventory gains is alleviating some pressure on buyers in the market.
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Inventory—particularly a lack thereof—has been on the mind of many Seattleites in recent years, particularly those that decide to take a leap into homeownership. And after years of the same story, things are beginning to change, as a Realtor.com report cited by Puget Sound Business Journal reveals “‘a quiet inventory turnaround’ in high-priced markets” as the Seattle-Tacoma-Bellevue region saw a near 30-percent increase in the number of active listings in July 2018.
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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.
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According 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.
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Mike Rosenberg of Seattle Times has launched “an occasional column that aims to take you deeper inside our housing market” by answering frequently asked reader questions that involve all things in Seattle real estate. He decided to kick things off with a question on many Washingtonians minds: “Why exactly are home prices skyrocketing so quickly here?”
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