In a recent real estate column in Seattle Times, reporter Mike Rosenberg asked a question on many minds: “Why are Seattle-area home prices so high?” At the most basic level, it all boils down to two factors: supply and demand.
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Seattle 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.
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William Hillis, RSIR's acclaimed Research Editor and Data Analyst, has assembled a year-over-year performance review of eight key counties and 29 regional markets, with trends to watch in 2018.
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I am pleased to present a look at the housing market trends for the first quarter of 2018, from the shores of Bainbridge Island's waterfront homes and in-city living opportunities to the Eastside's most distinguished residences.
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According to an article recently published by Bloomberg, home prices in San Francisco have continued to soar in the first few months of 2018, as the median sale price reached $1.6 million in the first quarter, “an almost 24 percent jump from a year earlier.”
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According 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.
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In looking at data from last year’s home price growth and number of sales, one clear trend emerges: a lack of available homes for sale was a major theme in Seattle’s market. And as Curbed Seattle reports, “so far this year, inventory has been even more sparse,” as recent Northwest Multiple Listing Service (NWMLS) data shows that there was less than 1 month of available inventory in February, down from just over one month last year.
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Seattle 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.
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Though the winter months have historically given way to slowdowns in the real estate market, Seattle remains red hot, as Puget Sound Business Journal reports that in Seattle, “some buyers are submitting offers telling sellers to fill in the price,” while prices in Mercer Island and the Eastside saw median sales prices over $1 million.
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In their latest press release, the Northwest Multiple Listing Service (NWMLS) reports that the January 2018 real estate market far from slowed down, as "activity shows a slight year-over-year gain in pending sales, a double-digit increase in prices, and continued shortages of inventory."
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