There were 490 residential real estate transactions in Seattle in the last 30 days with a median selling price of $480,000, as compared to 502 transactions with a median price of $440,000 in the same time period in the previous year. So the number of transactions appear to be slowing slightly, while sales prices are generally up by 9% or so.
What does this mean for the long term? While I don't have a crystal ball, I do pay attention to transaction numbers, which do seem to indicate whether the market is picking up steam or slowing down. If interest rates go up in 2015, expect that to have a negative impact on both prices and numbers of real estate transactions.
And with changes in how FNMA and FHA appraise properties for mortgage lending, expect to see fewer properties appraise at higher prices. This will force a downward trend on the market. See this link here to learn more about how the new underwriting changes may affect the housing market.
Yet opportunities exist for the savvy real estate investor in any kind of market. Keep reading this blog to learn about investment opportunities that I think are worth pursuing in the Seattle market of today.
Happy Investing!
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