The greater Seattle-Bellevue real estate market was an absolute roller coaster in 2022 but appears to be on track as Buyer activity began to increase in January 2023 following the typical seasonal trend from January to June. The quantity of homes going under contract in King County during the first half of January 2023 was 23% more than the first half of January 2022.
Read MoreThe greater Seattle-Bellevue real estate market dramatically cooled after June 2022 due to the typical downward seasonal trend combined with exponentially higher mortgage interest rates that peaked in October and November at 7.85%--from rates as low as 2.625% in late 2021 to 3.85% in March 2022. Now, interest rates are at a two-month low and qualified borrowers are seeing rates below 6%, again. I believe mortgage interest rates will range between +/-5% and +/-6% in 2023. I do not believe we’ll see rates below 4% in 2023 or 2024.
Read MoreHome values typically decrease from October to December based on seasonal data in the Seattle-Bellevue metropolitan area. However, the exogenous events indicated in my September 2019 forecast that could maintain or stimulate an increase in home values before 2020 may be aligning in November 2019. Regardless of the timing of these events, now is a good time to Buy while interest rates are lower (e.g. below 4%) and before home values appreciate in 2020.
Read MoreThe residential real estate market for the greater Seattle-Bellevue metro area has been relatively healthy and steady in 2019 after the May 2018 price correction. The sale prices of condominiums and single family homes increased 11.9% from January 2019 to May 2019. Currently, I estimate home values will decrease approximately 6% from June through December to approximately 350-355 $/sqft until January when values likely increase again, which is a net annual value increase of 5.9%.
Read MoreIn June 2019, the Seattle-Bellevue real estate market has entered the seasonal “Summer Slowdown,” also known as a “Summer Slump” caused by decreased Buyer activity, however we’re still in a Seller’s market. Essentially, home values have recovered their losses from the May 2018 price correction and values seem to be going sideways.
Read MoreThere is a nationwide phenomenon of home price gains slowing nationwide. “Home price gains continued in a trend of broad-based moderation,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019.
Read MoreSummer is the official time for waterfront living in the Puget Sound and Realogics Sotheby’s International Realty has put together an in-depth look of waterfront trends in 14 counties around Western Washington. RSIRWaterfront.com charts 15 months’ worth of data and includes average and median sales price trends, topographic maps of 27 areas and monthly sales activity.
Read MoreThe Seattle-Bellevue real estate market continues to be vibrant as of May 2019. Now that we are almost half-way through the second quarter of 2019, it’s interesting to reflect on the data this year and forecast trends for forthcoming quarters.
Read MoreThe Seattle-Bellevue residential real estate market continues to move strongly ahead ahead along the trends previously reported in March, February and January.
Read MoreRealogics Sotheby’s International Realty presents the 2018/2019 Market Report, a comprehensive look at the 2018 real estate market and a look ahead at 2019. The report includes a 2018 retrospective which explores the shifting real estate market, including increasing inventory, the fallout from Seattle’s adopted (and subsequently repealed) “head tax” and the outcome of Amazon HQ2, sustained political banter in the U.S. and abroad, the threat of interest rate hikes, a look at Seattle’s performance on the S&P CoreLogic Case-Shiller Home Price Index, and more.
Read More
