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.
Read MoreFor 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 MoreRealogics Sotheby's International Realty recently released a Waterfront Update that examines regions across Puget Sound and highlights popular waterfront communities with information regarding home values, sales trends and market activity. The report is centered around price trends and the typical location factors that affect the value of any real estate. Waterfront sales, however, may also be influenced by other aquatic factors including docks, moorage, beach or tidelands access, and more.
Read MoreI am pleased to present a look at housing market trends for the second quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
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 MoreS&P CoreLogic Case Shiller recently released their Home Price Index for April 2018 and in news that won’t come as a shock to many, Seattle has now led the nation in home price growth for 20 months in a row, marking the second longest streak in the history of the entire index. At 13.1% year-over-year growth, the Emerald City showed impressive gains from March through April, with increases of 2.8 percent and 2.7 percent respectively, the first time the city has experienced back-to-back increases above 2.25 percent since May of 2013.
Read MoreMike 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?”
Read MoreAfter a few years of staggering rent increases, single-family home rental prices in Seattle are leveling off, which Seattle Times predicts could bring more and more landlords to decide to list their homes for sale and benefit potential homebuyers (and renters). As the article outlines, approximately 1 in 6 single-family homes in the greater Seattle region is currently rented, and the last couple of years have seen dramatic decreases in what was once a burgeoning market for landlords. While “rents in local single-family homes rose a paltry 0.4 percent in February from a year ago,” landlords saw 4% increases last year, and “just two years ago, rents were soaring as much as 9 percent annually.”
Read MoreThe headlines over the past few months in the greater Seattle region have often felt like “stale news,” with housing prices continuing to increase as inventory dwindled and demand rose. Yet homebuyers received some welcome good tidings last week, as the latest Northwest Multiple Listing Service press release revealed that the number of homes available for sale actually increased in May. Puget Sound Business Journal reported on the news, writing that “the four-county metro area had nearly 10,500 new listings in May, 1,000 more than the same month in 2017.”
Read MoreThere was good news for Seattle-area homebuyers in the latest Northwest Multiple Listing Service Press Release, as April 2018 data revealed a slight increase in inventory. In all, “Northwest MLS brokers added 11,271 new listings to inventory during April, a gain of 6.3 percent when compared to March; and up nearly 5.9 percent versus a year ago.” Despite more homes on the market, just 6 of the 23 counties covered reported year-over-year inventory gains, and “King County was the only one in the Puget Sound region to notch a gain, up 13.6 percent from a year ago.”
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