S&P Case-Shiller released their latest home price index last week, which showcases sustained growth for the Seattle market, with the Emerald City leading the nation for the hottest housing market for 11 consecutive months. As Mike Rosenberg of Seattle Times reports, “the Seattle metro area saw single-family home prices surge 13.5 percent during the 12 months ended in July,” according to Case-Shiller.
Read MoreThe July announcement of British Columbia's 15 percent transfer tax on foreign buyers and entities representing them sent ripples through the Pacific Northwest's real estate market. Those ripples seem to be shifting the waves in Seattle's favor, however. In the following months many articles and blogs were released stating that Seattle has become the new Vancouver. The shift began immediately and Vancouver saw a year-over-year reduction in selling volume in the year 2016; and by year's end, the number of sales over $1 million CAD were 16 percent lower than 2015.
Read MoreThe Seattle skyline will continue to be filled with cranes for a bit longer. Recently published in GeekWire, “A new report from the Downtown Seattle Association says the city is in the midst of a record $5 billion in current construction activity downtown.” The builders are rushing to meet demands of new residents (more than 1,000 a week) and businesses moving into the city. According to the 2017 Mid-Year Development Guide, residential work represents two-thirds of all projects underway and have 30,000 units under construction or in development.
Read MoreAt the end of March, the four most valuable companies in the world (Apple, Google, Microsoft and Amazon) were all U.S. technology businesses – half of which are Seattle founded and based. Wherever you look, Seattle is changing, growing and evolving and one of the more obvious places this is reflected is in the housing market. Spring is always the busiest time of year for real estate, and this year’s “busy season” is recording higher-than-ever prices due to reduced inventory. The median price for a single-family home in Seattle is $722,250 according to the NWMLS, and new listings have dropped 16.2 percent since last April.
Read MoreIf you were feeling the need to bundle up a bit more this season, you were not alone! The Seattle area experienced the coldest winter season since 1984/1985 this year, according to the National Weather Service. There were 21 more nights near or below freezing this year, which corresponded to fewer days with highs above 50, and more days with lows below 35 degrees throughout December, January and February. Rainfall remained average in Seattle, but this past winter was the snowiest since 2008/2009. February was the wettest month on record in 50 years. Does that mean we’re due for the sunniest Summer season? Only time will tell.
Read MoreTo say Seattle’s housing market is busy would be an incredible understatement; King County continues to break state and national records in the real estate sector each month. Home prices continue to rise while selling times continue to shrink and May is expected to bring more of the same. According to Zillow’s Chief Economist Dr. Svenja Gudell, there are 3 percent fewer homes on the market than last year, which means “2017 is shaping up to be another competitive buying season.” This 3 percent decrease is taking into account the 50 percent increase, in newly listed homes in the Seattle area, over February. This demand has lead to the Puget Sound region experienced the most profitable month in history in real estate this March, with the median single-family home price hitting nearly $600,000, and hitting $700,000 in Seattle.
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