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.
Seattle area condos saw the annual median sale price increase by 13.3% over 2015, while Eastside condos rose 16.0%. Both regions experienced stronger appreciation in condos than in single-family homes—an early indicator that affordability is becoming a factor for local home buyers and evidence that millennials have entered the market in force.
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.
The Seattle real estate market saw the median sale price of single-family homes increase by 12.7% in 2016. The average cost per square foot of Seattle homes increased 13.4% to $353. Five years into a strong seller’s market, with demand unabated, it appears we will see much of the same in 2017.
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.
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.
Ever notice how one home on your street sells well above asking price with a line of buyers out the door and an identical home comes on a month later and sits on the market for two weeks before finally selling at a reduced price?
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.
Pending sales of homes hit an all-time high for the month of November according to the latest statistics from Northwest Multiple Listing Service. The report covering 23 counties around Washington state also shows the number of new listings added during the month plunged to the lowest level in 11 months, prompting MLS leaders to predict a busy winter for residential real estate as buyers compete for the smallest inventory since March.
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.
Home sales around Western Washington outgained new listings again in October, fueling competition for scarce inventory and pushing prices higher. Some seasonal slowdown is still expected – and the Nov. 8 elections may be in play as well, according to brokers at Northwest Multiple Listing Service who commented on last month’s activity.
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.
Ballard hip, West Seattle views, or Kirkland serenity? TheMarketTalks.com offers an easy way to research and compare neighborhoods throughout the Seattle-Eastside area, including maps, photos, links and more. The neighborhood profiles are a labor of love by the team at Windermere Real Estate/Mercer Island, developed to give consumers easy to access tools to enable them to learn more about potential communities within our Seattle Metro area” says the company’s owner Julie Barrows. The website relies heavily on relevant links to great resources that locals know, but others might not. It’s beauty is that it is all assembled in one easy to access place.
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.
The market remained very stable this week in spite of storms that battered our region as the week ended. South Bellevue-Issaquah, West Bellevue, Redmond, Woodinville, and North Seattle experienced an uptick in sales activity. Renton, Capitol Hill, East Bellevue, Queen Anne-Magnolia, and Ballard-Greenlake slowed moderately. Downtown Bellevue condo sales were up while Downtown Seattle sales were lower. This activity is a great reminder that not only is real estate local to each neighborhood but it is also ever changing from week to week.
83,000 new jobs +/- in the tri-county region surrounding Seattle have certainly made their presence felt. Couple that with crazy-low interest rates and it’s no wonder that housing demand is so strong. The neighborhoods of North Seattle and Queen Anne-Magnolia stood apart from the crowd with record year-over-year increases in the average sale price for Q3—but other Seattle communities still fared quite nicely with Seattle posting an overall 12.4% Q3 gain.
While every condo building is unique unto itself, looking at overall prices within a region can show general growth trends. Looking at regional prices, the average sale price of Seattle area condos was 20.6% higher than in Q3 of 2015, and Eastside condos rose 9.5% during the same period.
In a remarkable about face, most Seattle-Eastside neighborhoods saw a greater than 10% uptick in sales activity this past week.