Seattle's Housing Market at a Glance
Today, in my Windermere office meeting, Laura Smith, our co-owner was telling us we should be really excited about this year. It's been since 1998 since we've seen a balanced market, and we just might see one this year! There's a whole lot of buyers looking for homes. From what I've seen, they're having a hard time finding them, because we can't build fast enough and there's not enough existing inventory to choose from.
People are getting paid more than before and there's low unemployment rates. Because of all of these things, buyer activity is expected to stay strong into the first quarter of 2020. To offset the lack of housing, construction of new homes is on the rise and will continue to grow into year. Even with all of the new homes hitting the market, some experts believe this still may not be enough to create a balanced market.
Listen up, I'm getting emails from my lenders saying, interest rates are a whole percent lower than they were a year ago and have dropped even more in the past several weeks, to their lowest levels since late Summer 2019! Even people who got their loan in early 2019 might want to explore a better rate. Check your loan statements, if you're in an adjustable loan, your interest rates might be above 5% now... Let me know if you need a good loan agent, because I've got a guy for that.
Last but not least, I'd like to share my photo of the month! I'm the Elf in the photo below. You can't see it, but I had elf shoes on too :-D
For the Central Puget Sound: King, Kitsap, Pierce and Snohomish Counties
- Closed Sales increased 8.5% for Residential homes and 18.7% for Condominium homes.
- Pending Sales increased 16.5% for Residential homes and 19.0% for Condominium homes.
- Inventory decreased 43.7% for Residential homes and 31.1% for Condominium homes.
- The Median Sales Price increased 10.8% to $515,000 for Residential homes and 6.4% to $389,950 for Condominium homes.
- Days on Market decreased 11.6% for Residential homes but remained flat for Condominium homes.
- Months Supply of Inventory decreased 46.7% for Residential homes and 28.6% for Condominium homes.
As you know, I like to look at all of the numbers every month, so I can give you a better idea of how the housing market is moving. It's my hope that it'll give you the information needed to make a more informed decision. When you're ready to buy or sell, remember I want to be your only Realtor. -Elise Russo
If you have a little time on your hands, you might like to check out one of my previous posts? Check out all of the current ones here: www.vivaseattle.com/blog
- Seattle Times - Amid falling inventory, brokers predict a return to 2017 ‘hotness’ in Puget Sound housing markets. See what’s happening near you: https://www.seattletimes.com/business/real-estate/amid-falling-inventory-brokers-predict-a-return-to-2017-hotness-in-puget-sound-housing-markets-see-whats-happening-near-you/
- USA Today - Take a look inside the new Space Needle: https://www.usatoday.com/videos/travel/2020/01/01/take-look-inside-new-space-needle/2789794001/
- CNN - Last year, I predicted a recession in 2020. Risks have receded, but not for long: https://www.cnn.com/2019/12/26/perspectives/recession-2020-economy/index.html
- VivaSeattle.com Previous Blog - ALERT New formula for real estate excise tax calculations beginning January 1, 2020: https://www.vivaseattle.com/blog/market-update-april-2019/