Seattle Real Estate Market Stats

Well, pretty much any way you slice it, we’re heading into October 2018 with a CONSIDERABLY softer real estate market than we had entering into last October.  Charts are below, but here’s the year over year breakdown:

·         New Listings:  2.98% more new listings hit the market in Sept 2018 versus Sept 2017

·         Total Active:  38.83% more inventory on the market in Sept 2018 versus Sept 2017 (supply goes up, prices go down)

·         Pending Sales:  16.12% fewer pending sales in Sept 2018 versus Sept 2017

·         Closings:  22.45% fewer closings in Sept 2018 versus Sept 2017

·         Average Price:  11.07% price appreciation year over year…but all of that was realized last October through Feb.  Prices have been declining region-wide since March 2018

·         Median Price:  10.25% price appreciation year over year…but again, all of that was realized last winter

o   Note:  Per Altos Research’s median price chart below, in Seattle the median home price appreciated about 23% between October 2017 and March 2018

·         Months of Inventory (Total Active divided by Number of Closings):  36.07% more months of inventory in Sept 2018 versus Sept 2017

Outside of May 2018, the overall number of New Listings hitting the market every month has been relatively constant…the big change has been number of buyers.  With a smaller 2018 buyer pool, inventory has inched as high as it’s been in years around Puget Sound.  This increase in inventory has the buyer window WIIIIIIDE open for anyone looking to venture into the Puget Sound Real Estate market – competition is down, therefore bidding wars are down, therefore people can actually DO an inspection before moving forward with their purchase… and overall, all this has the median house price down about 14% from its March 2018 high. 

With this said, this week or next week is traditionally where we start to see inventory dry up for the winter.  Remember, inventory in Seattle fell about 60% in 2015/16; 56% in 2016/17; and 67% in 2017/18.  Will inventory fall enough this year to reset the soft(er) market we’ve been experiencing, and therefore cause median house prices to start rising again?  It’s anyone’s guess as to what actually happens this winter, but right now…this week and next week…will be our clue to where we might be headed. 

Happy Investing!

This post courtesy of Primary Residential Mortgage Inc

Housing Market Trends

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. 

Please click on this link to view the Housing Trends February 2017 Newsletter http://wendywonder.housingtrendsenewsletter.com 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. 

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports. 

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: 

http://wendywonder.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0 

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. 

Sincerely yours, 

Wendy Ceccherelli
Century 21 NW Realty 
206-355-1706 
wendy@c21nwr.com

2016 Year End Stats

NWMLS Monthly Press Release

Home buyer frustration continues due to limited selection;
price increases

Like many other months of 2016, December was frustrating for buyers across Washington state as they encountered depleted inventory and rising prices. Post-election hikes in interest rates - with more on the horizon -- added to would-be homeowners' worries.

Northwest Multiple Listing Service statistics for December show year-over-year drops in new listings, but gains in pending sales, closed sales and prices. Pending sales (mutually accepted offers) in the four-county Puget Sound region reached their highest level since 2005.

At month end, MLS figures show inventory (10,571 listings) was nearly 15.6 percent below year-ago levels (12,522 listings), with about 90 percent of the selection being single family homes.

Seventeen of the 23 counties in the MLS report had double-digit drops in active listings at the end of last month compared to December 2015.

NWMLS members reported 6,401 pending sales during December, up from 5,970 for the same month a year ago for a year-over-year gain of 7.2 percent.

King County recorded the biggest year-over-year jump in pending sales of single family homes, surging nearly 11.3 percent, well ahead of Kitsap (up 4.5 percent), Pierce (up 4 percent) and Snohomish (up 3.2 percent).

Prices area-wide also continued trending upward, rising nearly 9.2 percent from a year ago. The overall median price for single family homes and condominiums that sold during December was $343,950; a year ago it was $315,000.

King County prices jumped 12.2 percent, from $450,000 in December 2015 to $505,000 for last month's sales. For single family homes (excluding condominiums) the median price for December's sales was $550,000, unchanged from October and November. Prices peaked this year in King County in June, reaching $573,522.

Consumers should expect prices to continue edging upward as the pattern of low inventory and increasing prices continues.

Happy Investing!

Recent Seattle Real Estate News

Seattle home prices are so high because it has 2nd lowest rate of home sales in the U.S.
http://www.seattletimes.com/business/real-estate/why-are-home-prices-so-high-seattle-has-2nd-lowest-rate-of-homes-for-sale-in-us/

Seattle homeowners just don’t want to sell
http://mynorthwest.com/515342/seattle-homeowners-home-prices/

Seattle is growing so much that…
https://theevergrey.com/seven-stats-to-use-next-time-you-talk-about-seattles-growth/

Happy Investing! 

Seattle Real Estate News

Here’s what $2 million buys in Puget Sound

http://www.bizjournals.com/seattle/news/2016/10/26/heres-what-2m-buys-in-the-puget-sound-regions-most.html

Record number of home sales topping $1 million

http://www.seattletimes.com/business/real-estate/not-just-mansions-anymore-record-number-of-seattle-area-homes-fetching-1-million/

Home prices in Seattle may be directly linked with transit

http://mynorthwest.com/446291/home-prices-around-seattle/

For local real estate, sales are booming amid tight inventory

http://www.thenewstribune.com/news/business/real-estate-news/article112605128.html

With the arrival of landslide season, local cities and counties using technology to locate high-risk areas

http://www.king5.com/news/local/landslide-season-is-here-as-cities-counties-use-high-tech-to-locate-risks/346425204

Google Express delivery service coming to several Washington communities

http://www.thenewstribune.com/news/business/article110277722.html

Seller Questionnaire

If you need to sell your Seattle house, you may want to talk with someone who both lists and buys houses in your area. To match you up with the right buyer, please complete the attached questionnaire:

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Please submit this information confidentially in a private email to HomeLandInvestment@gmail.com, and investment broker Wendy Ceccherelli will be back in touch with you shortly to discuss several possible options to purchase.

Happy Investing!