Many neighborhoods saw a slight cooling off this week with pending sales lower than the craze of last week. More new listings promised to come to market could ease the pain felt by buyers in this extreme seller’s market. Check out this week’s report neighborhood by neighborhood for details!
This week was beyond eclectic as every neighborhood seemed to beat to its own drum completely oblivious to what was happening next door.
Sales increased this week at many price points in nearly every neighborhood throughout the Seattle-Eastside region. The $2 million and above price point continues to have more supply than demand, but otherwise the market very much favors home sellers.
News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.
This week saw the market shift even more extremely to the seller’s favor as inventory diminished even further (as if that were even possible). Our market continues to lavish sellers with a dream list of terms as buyers scramble to compete for the limited supply of homes for sale.
This week saw a significant uptick in new listing activity in many areas and price points. A sign of things to come? We can only hope!
The market is beginning to wake up from a long winter’s slumber. Will it bring new listings and more balance between buyers and sellers??
Increased pending sales have further diminished the supply of homes for sale-leaving slim pickings for buyers-especially at price points below $1 million in core metro neighborhoods of Seattle and all of Bellevue. Word on the street among local realtors is that many new listings are coming to market next week. While very welcome news to the ravished home shoppers out there, it falls desperately short of the inventory needed in the market to keep us from teetering into the abyss of an unsustainable seller’s market.
Pending sales were up in more than half of the region’s neighborhoods. Diminished inventory of available homes for sale continues to be a huge obstacle for home buyers. With local employers such as Amazon adding more than 110,000 workers, regionally and across the globe, and a shortage of buildable land, it’s no wonder housing supply is so tight.
Opportunity exists for buyers who get to the game early. We are seeing some properties go under contract with few or no competing offers.
This week marked slower sales activity in many areas as many new listings trickle onto the market. Perhaps buyers are playing the wait and see game? With prices expected to rise further this spring, buyers may not want to sit on the sidelines too long.
Fewer new listings this week. Solid sales activity decreases the supply of available homes in most areas. Even the $2 million+ market looks favorable to seller this week.
A lot of new listings this week with pending sales nipping on their heels. Much to the dismay of many potential home buyers, this looks to be an early start to strong seller’s market in 2017.
A frozen start to our new year didn’t seem to dampen home sales.
A very quiet week as we head into the the New Year with school still out on a 2-week winter break throughout the region. See the links below to view more detail for each area.
A very quiet week as we head into the Christmas holiday and school is on a 2-week winter break throughout the region.
Greater activity than typical this week but seeing a noticeable seasonal slow down and we head into the holidays.
Rising interest rates have spurred many buyers into action as concern of continued increases in interest rates looms. Sales velocity was up in most local markets this week with the exception of West Bellevue and Renton. See the links below to view more detail for each area.
Sales are seasonally down in all areas this week with the exception of West Bellevue, Redmond, and Renton, which saw sales flat but not up. Bucking the trend, the number of homes for sale increased in North Seattle.
Rainy days and post-election doldrums have contributed to our typical seasonal slowdown with sales activity down in most neighborhoods. East Bellevue, East Lake Sammamish, Redmond, Woodinville, and North Seattle are the only areas that bucked the trend with an increase in sales this week.
Our markets responded to the outcome of the presidential election with pause, as home buyers and sellers pondered how the local real estate market (and country) will be impacted by the shake-up in the White House. Activity slowed in 12 of the 17 market segments we track here. This is definitely an expected response to any noteworthy national event. Time will tell how consumer confidence impacts the market for the longer term.
The inventory of homes for sale continues to decline as we enter November, and our slowest season of the year. Only five areas had an increase in sales activity this week: Mercer Island, West Bellevue, Redmond, Queen Anne, and Ballard. Seattle condo activity was brisk with fewer units available for sale relative to the pace of sales.
The number of homes for sale fell markedly in most areas this week as they either sold or came off the market. Sales activity was a mixed bag. The South Seattle, Bellevue, Kirkland, Woodinville and North Seattle neighborhoods all had more sales than last week, while West Seattle, Mercer Island, Queen Anne, and Ballard all saw the pace of sales slow.
Seattle and the Eastside split ways this week, statistically speaking. Most Seattle neighborhoods saw strong activity and an uptick in sales while the Eastside slowed markedly with sales down across the board. Renton remained solid aligning itself with the Seattle contingent and ignoring its Eastside neighbor’s influence. Condos followed a similar path with Seattle condo activity up while Bellevue sales fell flat.