seattle homes: What Gives? Transactions Plummet, Prices Increase
- 11/07/23 03:50 PM
Transactions PlummetTransactions across the Northwest Multiple Listing Service, the largest in Washington State, that includes Seattle real estate has seen the number of transactions drop significantly. Real estate deals are down 18% from a year ago and 47% from two years ago. Sales were unusually strong in the month of October in 2020 (10,806 sales) and 2021 (9,983 sales), but sales in 2018 (8,005) and 2019 (8,335) were both over 8,000 transactions. The last two Octobers, sales have dropped significantly. October 2022 there were 6,464 sales and this October there were 5,291.
Interest RatesInterest rates are causing supply and demand to both … (4 comments)
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seattle homes: Greater Seattle Real Estate Report - August 2023
- 09/14/23 04:35 PM
Overall Greater Seattle Real Estate MarketThe Greater Seattle real estate market is part of the Northwest MLS. Pending Sales in August were down 25% across the NWMLS, but the median price In August was the same as July ($615,000) and actually higher than the previous year ($600,000). Prices remain strong because of low inventory. Many current homeowners are locked in at historically low interest rates; thus, are generally choosing to stay put rather than sell. Only 8,152 new listings were added in August. Down 18% from the previous August which added 9,914.
The Greater Condo MarketThe condo market has also faired well. … (5 comments)
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seattle homes: Seattle Real Estate Midyear Report 2023
- 07/17/23 06:13 PM
First A Look Back at Seattle Real Estate 2022The first half of 2022 was a record period, but the market finally cracked under the pressure of rising interest rates starting last June. In 2022, the NWMLS median price peaked in May at $660,000, and declined every month afterwards. For instance, June median price was $650,000 ($10,000 less than May). The reason this is important is we usually look at the health of the current market, by looking at the previous year. For example, most residential numbers are down from last June across the NWMLS: pending sales down 13.2%, closed sales are … (4 comments)
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seattle homes: Seattle Real Estate Has It Improved?
- 02/11/23 12:36 AM
Has the Seattle real estate market improved? Seattle is part of the NWMLS. While pending sales across the NWMLS are still down 9% from last January, the market has shown resilience to begin 2023. For example, pending sales in January are up 44% over December. In addition, prices in January are up 0.41% when compared with last January.
The improved market seems to correlate with the recent interest rate drop. Interest rates peaked in November with a Freddie Mac U.S. weekly average of over 7%. Last week, that number was 6.09%.
Inventory is up from the historically low numbers from a year ago. … (4 comments)
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seattle homes: The State of the Seattle Real Estate Market
- 01/20/23 12:14 AM
The NWMLS and greater Seattle real estate market changed over the course of the year. 2022 started with a very hot (sellers’) market with both historically low interest rates and record low inventory. For example, 2021 ended with the Freddie Mac 30 year fixed rate of 3.05% and NWMLS had 0.40 months of housing inventory. In comparison, at the end of 2022, Freddie Mac 30 year interest rate was 6.42% and inventory was at 2.09 months. Despite these changes, 6.42% fixed rate is well within the normal range of the 50+ year history of Freddie Mac. In addition, inventory of 4 to … (4 comments)
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seattle homes: NWMLS - Buyers or Sellers Real Estate Market?
- 12/12/22 12:19 PM
The NWMLS and greater Seattle real estate market is still strong, but there are signs of change. For example, NWMLS inventory has skyrocketed to 12,245 active listings heading into December compared to 4,621 active listings at the same time last year. Thus, inventory is at a 2.36 months supply which is the highest since January 2019 when inventory was at 2.4 months supply. Nevertheless, we are coming off historical low inventory; therefore, based on traditional metrics (4 to 6 months is an even market), we are still technically in a seller’s market. However, because the market is comparably slower then the … (2 comments)
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seattle homes: Greater Seattle Real Estate Report - Sept 2022
- 10/18/22 04:07 PM
NWMLS September UpdateThe greater Seattle real estate market is still strong, but with expectations sky-high for the past year plus, the market is perceived by some to be frigid. Nevertheless, when analyzing the numbers, one can see the market is still historically strong. For example, King County had 4,738 active listings at the end of September which is up 98% from last September (2,391). However, active listings are down 13% from pre-pandemic September (2019) which had 5,431 active listings. Furthermore, three to six months is considered an even market for home buyers and sellers. Once again, last year was 3 weeks, … (3 comments)
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seattle homes: July Real Estate Recap: Seattle & Beyond
- 08/10/22 06:14 PM
NWMLS July UpdateThe greater Seattle real estate market is still strong just like the rest of the state, but there are signs of change. For instance, across the NWMLS pending (-24%) and closed (-30%) sales are down from the previous year. Thus, the number of condos and homes listed is up to 15,381 which is nearly twice the amount last year (7,948 listings). Thus, inventory supply is just over two months which is the highest it has been since January 2019 when there was 2.3 months' supply. Despite the slowdown in the amount of sales, it is still not to the … (1 comments)
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seattle homes: Greater Seattle Real Estate Report - June 2022
- 07/20/22 12:50 PM
Despite the negative news, the Greater Seattle real estate market is still relatively strong. It is slowing down, but the sky is not falling. Across the NWMLS, inventory is up to 13,405 listings (homes and condos) which is over double last June (6,358 listings). Nevertheless, inventory is at 1.48 month supply which is still not the 3 to 6 months that is considered an even market for buyers and sellers. Thus, prices continue to stay high. Median prices on the NWMLS are up to $650,000 compared to $589,000 a year ago: a 10.4% increase (10.5% for homes/10.2% for condos). While 10.4% … (3 comments)
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seattle homes: Real Estate Report - April 2022
- 05/12/22 06:36 PM
Residential properties across the NWMLS (26 counties) sold for 107.8% over asking price in April. King County is one of two counties where inventory is down from a year ago. This is especially true for condos where inventory is down 35%. Thus King County prices are up nearly 20% for single family homes and 12.6% for condos Median price in King County for a house is now nearly $1 million ($995,000) and condos are $518,000. Nevertheless, inventory across the NWMLS is up slightly and with an uptick in interest rates, some think the real estate market will start to calm. But, … (1 comments)
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seattle homes: Real Estate Report - November 2021
- 12/23/21 07:28 PM
The holiday season is historically slow time in the Seattle real estate market. During COVID the last two years, the real estate market has not been as affected by holidays as other years. This November and last November are nearly identical in the number of transactions. Both years the number of pending sales were nearly 8,600 and the number of closes sales were within 1.14% (8,976 in 2021 vs 8,875 in 2020).
Only 6,455 listings were added this November which was well below the pending sales of nearly 8,600. This continues the downward trend on inventory in the NWMLS. Real estate inventory … (3 comments)
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seattle homes: Real Estate Report - October 2021
- 11/10/21 07:07 PM
Across the Northwest Multiple Listing Service inventory is down over 23% and prices are up 15% from last year. Prices in Seattle, while not as impressive, are still up 5.3%. Other areas of King County have seen large gains. For example, Vashon prices are up 33% and the Eastside is up 17.3%. The Eastside and even Seattle are luxury real estate markets. In October, Seattle homes had an average sales price of $1.05 million and sell for an average of 15 days. On the Eastside, the Bellevue area between Lake Washington and Lake Sammamish had an average sales price of nearly … (1 comments)
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seattle homes: Seattle Real Estate Report - November
- 12/17/20 03:13 PM
NWMLS Real Estate ReportYear over year, closed sales are up 23% and pending sales have increased nearly 8% which has caused real estate inventory to decrease to 43% and prices to increase to 13.8%. While inventory is down 43%, it varies per county by quite a bit. For example, King County inventory is down “only” 18% from last November, while many such as Snohomish counties are all down a minimum of 63%
Seattle HomesThis November, 848 Seattle homes sold for a median sales price of nearly $935,000 compared to the 683 Seattle homes that sold for an average of just over $858,000. … (1 comments)
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seattle homes: Why are Seattle Waterfront Homes so rare?
- 08/25/20 08:03 PM
Seattle is surrounded by water with Puget Sound to the west and Lake Washington to the east. In addtion, Seattle is essentially cut in half by Portage Bay, Lake Union and the Ship Canal. Seattle also has smaller lakes such as Green Lake, Bitter Lake, and Haller Lake. Finally, Seattle features the Duwamish River and smaller creeks such Thornton Creek and Longfellow Creek.
Nonetheless, as discussed in another blog, Seattle Waterfront Homes are rare. One reason is Seattle parks take up much of the shoreline. For example, Green Lake is surrounded entirely by parks: Green Lake Park and Lower Woodland. Another example … (6 comments)
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seattle homes: Larger Homes Changing Faces of Many Neighborhoods
- 12/14/15 03:09 AM
*Synced from the Seattle and Real Estate blog
According to a new report by The Seattle Times’ “FYI Guy” Gene Balk, construction trends continue to point to a ‘bigger is better’ mentality in much of the Seattle area. Balk’s data shows that between 2012 and 2014, 1,500 houses were demolished and replaced with much larger homes, 450 of which were approximately triple the square footage of the previous dwelling. Many of Seattle’s predominately residential neighborhoods consist of modestly sized Craftsmans or bungalow-style homes, but home buyers seem to be increasingly buying houses with the intent of tearing them down and starting from … (2 comments)
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seattle homes: Price Growth In Seattle Area Slows In May
- 07/30/15 08:33 AM
*Synced from the Seattle and Real Estate blog
S&P/Case-Shiller released its monthly home price index this Tuesday, and the numbers show that home prices in the Seattle metro area have reached a minor lull in the traditionally busy buying season, with the index up just 1.4 percent in May from April. Average prices stayed the same from April to May, whereas prices grew by 0.6 percent from March to April. The weaker than expected gains still reflect a 7.4 percent increase from last year, on par with year-over-year gains in April. The median price in the Seattle area is still 6 percent … (0 comments)
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seattle homes: Nearly Half Of Seattle Homes Selling For Over Asking
- 07/21/15 04:40 AM
*Synced from the Seattle and Real Estate Blog
Only four cities in the U.S. have a higher percentage of homes selling above their listing price than Seattle: San Francisco and San Jose, Calif. are seeing nearly 80 percent of homes selling above asking; Oakland, Calif. is not far behind at more than 70 percent; and Denver, Colo. is narrowly edging out Seattle with slightly more than 50 percent of homes going for more than list price. Seattle clocks in at just under 50 percent, according to Redfin Research. Despite home prices in Seattle being up 15 percent from this time last year, … (0 comments)
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seattle homes: Seattle Area Home Prices Fell Slightly in September
- 11/26/14 12:40 AM
*Synced from Seattle and Real Estate Blog Average single-family home prices in the Seattle area (King, Snohomish, and Pierce counties) remain up from a year ago, having grown 6 percent from September 2013, but have now fallen on a month-to-month basis for the seventh straight month, according to data released today from the S&P/Case-Shiller Seattle Home Price Index. Average prices dropped by 0.2 percent from August to September, whereas they saw no change from July to August.
Since the market’s peak in 2007, we’ve seen the highest highs followed by the lowest lows after the housing bubble burst, … (0 comments)
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seattle homes: Mortgage Deduction in Trouble? Stupid Idea.
- 10/19/11 05:17 AM
There is was another article about getting rid of the mortgage deduction. I am just going to say it, it is a stupid idea. The government is spending billions to shore up the housing market that has caused ripples through the whole economy and now they want to take away major benefit from owning a home. The tax debate generally pits the poor versus the rich, but this tax fight is going right after middle class.
The idea that rich people with million dollar mortgages get some great deduction for their mortgage is stupid. Most people with million dollar mortgage get … (4 comments)
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Transactions PlummetTransactions across the Northwest Multiple Listing Service, the largest in Washington State, that includes Seattle real estate has seen the number of transactions drop significantly. Real estate deals are down 18% from a year ago and 47% from two years ago. Sales were unusually strong in the month of October in 2020 (10,806 sales) and 2021 (9,983 sales), but sales in 2018 (8,005) and 2019 (8,335) were both over 8,000 transactions. The last two Octobers, sales have dropped significantly. October 2022 there were 6,464 sales and this October there were 5,291. 
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